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With all the talk of tax increases, the fiscal cliff and so on the IRS release a bit of good news last month when they increased the standard business deduction mileage rate for 2013 to 56.5 cents a mile. This is a one cent increase over prior years.
Beginning January 1st, 2013, the standard mileage rates will be:
- 56.5 cents per mile for business miles driven
- 24 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
Although not a huge increase if you drive 1,000 for business it amounts to an additional $10 in reimbursement from your employer or on your tax return depending on your individual situation.
Always remember to consult your tax adviser with any questions and for a link to the IRS publication with all of the details click here.