·
55.5 cents for
every business mile
·
23 cents for every medical or
moving mile
·
14 cents for every charitable
service mile
Above are the 2012 IRS mileage
rates for the three categories of miles driven. Depending on what type of trip
your IRS mileage varies.
So it’s vital that when you log
your mileage you specify the type of driving in order to be as accurate as
possible during the filing process.
In
terms of accessing moving mileage, most online software will ask for the zip
codes for each location (from A to B) and then calculate the mileage for you.
TurboTax Online or C/D Download can help you prepare your return and make sure you note
your mileage in the proper places. When considering this, you have the option
of taking the actual cost of your vehicle or the IRS standard mileage rate:
The IRS Standard Mileages Rates for
2012;
January 1st to June 30th
·
51 cents for every business mile
·
19 cents for every medical or
moving mile
·
14 cents for every charitable
service mile
July 1st to December 31st
·
5.5 cents for every business mile
·
23.5 cents for every medical or
moving mile
·
14 cents for every charitable
service mile
In some cases you can also deduct the cost of parking
and tolls while using the vehicle for any of the standard deduction purposes.
So if you acquired tolls or parking fees while on business, medical, moving, or
charity related trips then you can deduct those fees.
Rules & Exceptions:
·
Standard rate cannot be used for more than four
vehicles at the same time or for hired vehicles.
·
The standard rate must be reduced by depreciation
which s 22 cents per mile for 2011.
Remember, it’s always best to consult with a tax
preparer or utilize online resources. Some tax credits and deductions only last a few years while
others stay around a decade or more while seeing year-to-year tweaks in their
rules.
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