That time of year is coming…new tax rates and rules:
- For business use of an automobile the rate remains at 55½ cents per mile.
- For medical or moving expenses, it is 23 cents per mile (a half-cent decrease from the second half of 2011).
- For services to charitable organizations, the rate (which is set by statute) is 14 cents per mile.
Should you have any questions regarding the new standard mileage rates for 2012, contact us. We are here to assist you.