Effective January 1, 2012 the IRS has announced the standard mileage rate as reflected below.
| Business |
Depreciation |
Medical |
Charitable |
Moving |
Airplane |
| $0.51 |
$0.16 |
$0.19 |
$0.14 |
$0.19 |
$1.24 |
Effective July 1, 2011 the IRS has increased the standard mileage rate as reflected below.
New rates are effective July 1, 2011 - December 31, 2011.
Business 55.5 cents per mile
Medical and Moving 23.5 cents per mile
Effective July 1, 2012 the IRS has announced the standard mileage rate as reflected below.
| Business |
Depreciation |
Medical |
Charitable |
Moving |
Airplane |
| $0.55 |
$0.16 |
$0.23 |
$0.14 |
$0.23 |
$1.24 |
Taxpayers have the option to using the actual expenses or taking the standard mileage deduction for that current year.
Taxpayers may not use the standard rate for a vehicle after depreciation of that vehicle under any depreciation method or claiming Section 179 expense deduction. The standard mileage deduction can not be taken on on more than 4 vehicles used at the same time.
Per Diem Rates can be found at
www.govexec.com/travel 