New IRS Mileage Rates for 2013! Good News Regarding Gas Prices!

New IRS Mileage Rates for 2013! Good News Regarding Gas Prices!

There is not much good news these days as it relates to gas prices. In fact with gas prices topping $3.30 per gallon many people and businesses have noticed less change floating around in their pockets and have made travel changes accordingly. Unfortunately, unless you own an electric car, gas is a commodity that many cannot do without. Luckily, the good people at the IRS have granted us gas guzzling types some financial relief for certain transportation expenses in the form of increased mileage rates. Effective January 1, 2013, the following mileage changes will take effect:

  • Business mileage will increase from 55.5 cents per mile to 56.5 cents per mile
  • Medical and moving mileage will increase from 23.5 cents per mile to 24 cents per mile
  • Mileage driven service of charitable organization will remain at 14 cents per mile.

Related Articles:

2012 Federal Income Tax Rates

What’s New for 2012 Tax Returns (Due in April 2013)?

Standard Deductions vs. Itemized Deductions: Which Deduction Is Better For Tax Returns?

Simply Taxes, LLC is a local year-round tax preparation firm with an office located in North Raleigh. Our Raleigh accountants are ready to work one-on-one with you to help maximize your refund opportunity and to provide other tax services in a professional manner.

The information contained within this article is for general guidance only. As such, it should not be used as a substitute for consulting with professional accounting, tax, legal or other competent advisers.

Source: IRS Website, R-2012-95, November 21, 2012

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