The Internal Revenue Service issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business purposes.
Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 55.5 cents per mile for business miles driven.
The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile.
