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IRS adjusts mileage rates

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in Small Business Tax,Small Business Tax Deduction Strategies

The IRS recently announced the standard mileage rates used to deduct driving costs for business, medical, moving and charitable purposes. (IRS Notice 2012-72) Beginning Jan. 1, 2013, the standard mileage rate for the use of a vehicle, including cars, vans, pickups and panel trucks, is:

  • 56.5 cents per mile for business travel (up 1 cent per mile from 2012);
  • 24 cents per mile medical or moving travel (up 1 cent per mile from 2012);
  • 14 cents per mile driven in service of charitable organizations (same as 2012).

Generally, a taxpayer has the option of using actual expenses to deduct the cost of travel for any of these purposes. For most tax­­payers, actual expenses will yield a bigger deduction.

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