On December 9, 2011, the Internal Revenue Service released their standard mileage rates (or SMR) for the 2012 calendar year.  With the price of gasoline falling over the past few months, there was little change in the rates.  Business rates increased 0.5¢ (55.0¢ to 55.5¢ per mile) and the medical and moving standard mileage rate decreased 0.5¢ (23.5¢ to 23¢ a mile).

Below are the new rates effective January 1, 2012 as published in IRS Notice 2012-1:

For those that wish to read the entire IRS Notice 2012-1 notice and/or get further clarification, please click here 2012 Mileage Rates

Please note that for 2011, there were two reimbursement rates.  For information on January through June 2011 rates, please read the following article  IRS Releases 2011 Standard Mileage Rates .  For more information on July through December 2011 rates, please read IRS Increases Standard Mileage Rates.

If you are in need of further assistance or have questions concerning this notice, the use of the SMR rates or any related question, please contact us.  We will generally respond within 24 hours of receiving your request.