IRS releases 2013 standard mileage rates
The Internal Revenue Service (IRS) has announced the 2013 optional standard mileage rates for calculating deductible costs associated with using an automobile for business, charitable, medical or moving purposes.
On Jan. 1, 2013, the standard mileage rates for the use of a car, van, pickup or panel truck will be 56.5 cents per mile for business miles driven. The standard mileage rate will be 24 cents per mile driven for medical or moving purposes and 14 cents per mile driven in service to a charitable organization.
During 2012, the business mileage rate was 55.5 cents and the medical and moving rate was 23 cents.
Click here to access Revenue Procedure 2010-51, which contains additional information about the mileage rates and taxpayers who qualify. Click here to access Notice 2012-72, which contains the standard mileage rates and the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, among other information.
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