The IRS allows you to deduct the cost of travelling for moving, business, charity, or medical purposes. You can choose to deduct the actual cost of your travel or you can use the mileage rates below. The IRS revised the rates halfway through 2011 for business, medical and moving mileage. The rates for 2012 will remain similar to the last half of 2011, with a half cent reduction for medical and moving mileage. The deduction for charitable mileage is fixed by law and not likely to change.
Mileage Rates
2010
1/1 to 6/30 2011
7/1 to 12/31 2011
2012
Business
50¢/mile
51¢/mile
55.5¢/mile
55.5¢/mile
Charity
14¢/mile
14¢/mile
14¢/mile
14¢/mile
Medical
16.5¢/mile
19¢/mile
23.5¢/mile
23¢/mile
Moving
16.5¢/mile
19¢/mile
23.5¢/mile
23¢/mile
To ensure compliance with Treasury Circular 230, we are required to inform you that any advice concerning U.S. federal tax issues contained on this website is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code and was not written to support the promotion or marketing of any transaction or matter discussed herein. Application of tax regulations is specific to the individual or business and we recommend that you consult a qualified Komisar Brady tax professional for how the above information may apply to you.
