Brendan Willmann, CPA, EA, CFP®
Asheville: 828-348-8698
Cincinnati: 513-549-2736

IRS raises standard mileage rate in 2013

The IRS has issued the 2013 standard mileage rates for 2013.  Effective January 1, 2013, business miles driven are eligible for a deduction at a rate of 56.5 center per mile.  This is an increase of a penny per mile from the 2012 rate.

Note that mileage rates for medical and moving are lower than the rate allowed for business mileage.  The medical and moving rate will be 24 cents per mile in 2013.

No change has been made to the charitable mileage rate of 14 cents.

http://www.irs.gov/uac/2013-Standard-Mileage-Rates-Up-1-Cent-per-Mile-for-Business,-Medical-and-Moving

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