Archive for the ‘Standard Mileage Rate’ Category
The IRS announced the 2012 standard mileage rates and most of them are the same from what they were back in July. Business miles are .55, medical and moving mileage is .23 and travel for charitable organizations is .14. That’s no change for the business mileage rate and half a cent less for the other two rates.
For a brief history of the standard mileage rate, check out my previous article.
Last week, the IRS raised the standard mileage rate to 55.5 cents. If you want to see how this rate has gone up and done, be sure to check out this page put out by the IRS. We topped out at 58.5 cents a mile at the end of 2008 (remember oil prices topped out near $150 around this time) and if you go way back to 1997, the rate was as low as 31.5 cents per mile. It’s been above 50 cents since 2008 and it’s been above 40 cents since 2005.
The IRS announced yesterday that effective July 1, 2011, the standard mileage rate was going up to 55.5 cents. This is up from 51 cents that was set in place at the beginning of the year.
2009 was the last time there were two different rates for a given year. This is also the second highest rate ever with the second half of 2008 still being the highest at 58.5 cents.