IRS Increases Mileage Rate

The Internal Revenue Service announced an increase in the optional standard mileage rates for 2013. 

Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business, medical or moving purposes. 

Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

·         56.5 cents per mile for business miles driven.

·         24 cents per mile driven for medical or moving purposes.

The rate for business miles driven during 2013 increases 1 cent from the 2012 rate.