Mileage deduction raised a penny by IRS

Published: Saturday, Nov. 24, 2012 - 12:00 am | Page 6B
Last Modified: Sunday, Nov. 25, 2012 - 2:20 pm

A penny more a mile: That's the increase in standard mileage rates for 2013 announced this week by the IRS.

The one-cent increase will apply to calculating the deductible costs of operating a vehicle for business, medical or moving purposes. Beginning Jan. 1, 2013, the standard mileage rates for the deductible use of a car, van or truck will be:

• 56.5 cents per mile for business miles driven.

• 24 cents per mile for medical or moving purposes.

• 14 cents per mile for certain driving costs on behalf of charitable organizations.

Taxpayers also have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile.

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Read more articles by Claudia Buck





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