IRS announces 2012 standard mileage rates

Beginning on January 1, 2012, the standard mileage rate for the use of a car (also vans, pickups or panel trucks) will be 55.5 cents per mile for business miles driven. This rate is unchanged from the mid-year adjustment that became effective on July 1, 2011.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

For the complete IRS announcement on 2012 mileage rates, visit the IRS website.