IRS ups 2013 mileage rates for auto travel
The Internal Revenue Service has announced that its has raised most of the 2013 mileage rates used to calculate the deductible costs of operating an automobile.
Beginning on Jan. 1, the rate for business miles driven increases 1 cent from the 2012 rate to 56.5 cents.
The medical and moving rate will also go up 1 cent per mile to 24 cents.
The charitable mileage rate, however, will remain unchanged at 14 cents.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile, according to the IRS. The rate for medical and moving purposes is based on the variable costs.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mile rate, the IRS said.