Law & Order

IRS Standard Mileage-Rate Deduction for 2012

The Internal Revenue Service has set the standard business-mileage deduction at 55.5 cents a mile for 2012. The rate is unchanged from when it was last revised in July 2011. The mileage calculation includes the cost of fuel along with other vehicle fixed and variable operating expenses, such as depreciation, insurance, tires, etc. Companies and individuals who use their automobiles (including vans, pickups and panel trucks) for business have the option of using the standard rate in lieu of keeping records of their actual expenses. 

For details, contact Stuart Gosswein at stuartg@sema.org.