While 2013 is well under way, it seemed like a good time to offer a reminder to businesses and professionals who travel for business that the Internal Revenue Service issued the 2013 standard mileage rates at the end of last year.
The standard mileage rates for calculating deductible costs for using a car, van, pickup or lightweight “panel” truck is 56.5 cents per mile for business travel.
For other potentially deductible driving-related expenses, the rates are 24 cents per mile for medical purposes or when moving to a new residence (following additional rules), and 14 cents per mile for driving in the service of a charitable organization.
These rates for miles driven during 2013 is an increase of one cent per mile over 2012 for each of the categories, and was raised to reflect higher average fuel costs.
The above information is per the IRS.
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Tags: Accounting, Income Tax, IRS, Small Business, Taxes
