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Tax Rates |
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YEAR 2011/2012 STANDARD MILEAGE RATES |
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The standard mileage rate is available to both employees and self-employed persons in computing deductions for car expenses. A taxpayer may use the standard mileage rate per mile as a deduction rather than keeping tract of actual vehicle expenses.
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E-Mail brent@hallidaycpa.com |
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A reminder that the IRS has increased the standard mileage allowance for business vehicle usage. The rate is 55.5 cents per mile effective July 1, 2011, a 4.5 cents increase. IRS raised the rate due to the gas price spike earlier this year, even though prices are now falling. The mileage rate for medical and moving expenses also increased by 4.5 cents to 23.5 cents per mile. However, the rate used for charitable miles has remained the same at 14 cents per mile. |
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2011 |
2012 |
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Business |
51/55.5 cents |
55.5cents |
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Charitable |
14 cents |
14 cents |
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Medical/Moving |
19/23.5 cents |
23 cents |