Distributed December 15, 2011
IRS Announces 2012 Standard Mileage Rates
The IRS released Notice 2012-01 that details the 2012 optional standard mileage rates used for computing deductible business, medical, and moving expenses. The rate for business mileage remains constant at 55.5 cents per mile, but beginning January 1, 2012, mileage rates associated with medical or moving purposes will decrease slightly to 23 cents per mile.
Type of Reimbursement |
Effective Jan. 1, 2012 |
July 1 - Dec. 31, 2011 |
Jan. 1 - June 30, 2011 |
Business Mileage |
55.5 cents per mile |
55.5 cents per mile |
51 cents per mile |
Medical and Moving Mileage |
23 cents per mile |
23.5 cents per mile |
19 cents per mile |
As a reminder, the use of a personal automobile to obtain medical care may be a deductible medical expense if primarily for, and essential to, medical care. This mileage is an eligible health flexible spending account (FSA) expense, and employers may include mileage as an eligible expense under their health reimbursement arrangement (HRA).
For additional information regarding the 2012 standard mileage rates, visit the IRS website.
CONEXIS
6191 North State Highway 161, Suite 400
Irving, TX 75038
www.CONEXIS.com
Copyright ©2011 CONEXIS Benefits Administrators, LP. All Rights Reserved. CONEXIS is a Word & Brown Company.
CONEXIS uses reasonable efforts to ensure that the information provided in this email is accurate as of the date of publication. However, information of this nature can change at any time. You should confirm the accuracy of any such information prior to taking any action.
This email was sent by:
CONEXIS
6191 North State Highway 161, Suite 400
Irving, TX 75038