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Frequently Asked Questions
Standard Mileage Rates
The
standard mileage rates
are optional set rates that employees, self-employed individuals, and other taxpayers can use to compute the tax deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
The standard mileage rates are optional. You can always choose to calculate the actual costs of operating your vehicle instead of using the standard mileage rates. Note, however, that in most cases, the standard mileage rates are both simpler and provide a larger deduction.
Currently the standard mileage rates are
55.5 cents/mile for business
14 cents/mile for charitable
23.5 cents/mile for medical and moving
Beginning January 1, 2012, the standard mileage rate for medical and moving purposes will decrease by 0.5 cents/mile. The rates for business and charitable purposes will remain unchanged.
For a more detailed breakdown of time periods and rates, refer to this
IRS table of standard mileage rates
.