Agribusiness BlogFarm CPA Today

IRS Announces New 2012 Mileage Rates

The IRS announced this week the new standard mileage rates for 2012.  Most of the rates remained the same as the last six months of 2011.  For regular business use, the rate is still 55.5 cents per mile (don’t ask me where they came up with the half cent).  For charitable purposes, the rate is 14 cents and for moving and medical expenses, it is 23 cents per mile.

You can use these rates to reimburse your employees for their business miles and or deduct businessuse of your personal vehicles on the farm.

Here is the announcement.

  • Principal
  • CliftonLarsonAllen
  • Yakima, Washington
  • 509-823-2920

Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a partner with CliftonLarsonAllen in Yakima, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. In fact, Paul drives combine each summer for his cousins and that is what he considers a vacation. Leave a comment for Paul. If you would like to leave a comment for Paul, follow the link above, however, please make sure to include your email address so that he can reply to your comment (your email address will not automatically show up).

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