The IRS issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business purposes.
Beginning January 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 55.5 cents per mile for business miles driven. This rate for business miles driven is unchanged from the mid-year adjustment that took effect on July 1, 2011.
Employees have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.