Beginning on Jan. 1, 2013, the standard mileage rates for the business use of a personal vehicle will be:
• 56.5 cents per mile driven for business
• 24 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations
The rate for business miles driven during 2013 increases one cent from the 2012 rate, and the medical and moving rate also increases one cent per mile from the 2012 rate.
The option of calculating the actual costs of using your vehicle rather than using the standard mileage rates is available to taxpayers as well.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (“MACRS”) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be applied for more than four vehicles in use at any one time.
If you have questions about any of the information presented above, please contact the expert listed below at PYA, (800) 270-9629.
