Business Mileage Deduction Rate for 2012 Announced by IRS Through Partnership With Runzheimer International
WATERFORD, Wis., Dec. 15, 2011 /PRNewswire/ -- The Internal Revenue Service (IRS) has announced the national optional business mileage deduction rate of 55.5 cents for U.S. business drivers, effective January 1, 2012. To establish the rate, the IRS worked closely with Runzheimer International, the industry leader in employee mobility programs. Runzheimer International provides vehicle, travel and expense, mobile device management, cost-of-living programs and benchmark data to businesses nationwide. The company has provided annual vehicle cost data to the IRS since 1980.
The 2012 rate of 55.5 cents has remained the same as the current rate of 55.5 cents-per-mile, which went into effect July 1, 2011.
"The detailed information we collect regularly reflects market conditions nationwide and enables the IRS along with many other organizations to make more informed business decisions related to vehicle costs. Costs have remained relatively stable since the mid-year adjustment in July 2011," said Ted Schuerman, senior project leader, Runzheimer International.
The 55.5 cents-per-mile is the amount that a U.S. taxpayer can deduct for vehicle expenses on a 2012 tax return for recorded business miles.
About Runzheimer International
Founded in 1933, Runzheimer International serves 60 percent of the Fortune 500 and numerous government agencies. Recognized for providing innovative solutions relating to total employee mobility, Runzheimer is the global leader in workforce mobility programs including business vehicle, business travel, corporate aircraft, employee relocation and compensation, and mobile device expense management. For more information, please go to: www.runzheimer.com.
SOURCE Runzheimer International