This past Friday, the IRS announced the standard mileage rates for 2012. They are as follows:
55.5 cents per mile for business travel.
23 cents per mile for medical or moving purposes.
14 cents per mile in services for charitable organizations.
The business rate is unchanged from the 2011 mid year adjustment, while the medical and moving rate has been reduced by .5 cents per mile. These rates are effective as of January 1, 2012.
The IRS announced, effective July 1, 2011 that the mileage reimbursement rate is being raised to 55.5 cents a mile on vehicles used for business purposes. The current rate is 51 cents. The mileage reimbursement rate for medical or relocation purposes will increase from 19 cents to 23.5 cents per mile. Mileage for charitable purposes will remain at 14 cents. IRS Commissioner Doug Shulman stated that "This year's increased gas prices are having a major impact on individual Americans....We are taking this step so the reimbursement rate will be fair to taxpayers."
On December 3, the IRS announced that it was lowering the standard mileage rates for 2010. Citing lower transportation costs, the new rates, effective January 1, 2010 are as follows:
50 cents per mile for business-related use (down from 55 cents per mile in 2009)
16.5 cents per mile for medical or relocation -related purposes (down from 24 cents in 2009)
14 cents per mile for use to support a charity (unchanged from 2009).
Daniel J. Burnick is an attorney in the Birmingham office of Sirote & Permutt. His practice focuses mainly on employmentMore...
Enter keywords:
