Standard mileage rates for business, medical & moving increase 1¢ per mile for 2013

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Dear Client,

IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will increase by 1¢ to 56.5¢ per mile for business travel after 2012. This rate can also be used by employers to reimburse tax-free under an accountable plan, employees who supply their own autos for business use, and to value personal use of certain low-cost employer-provided vehicles. The rate for using a car to get medical care or in connection with a move that qualifies for the moving expense will also increase by 1¢ to 24¢ per mile.

If you would like more information on this topic please download the file below which provides more details on this topic.

Sincerely,

Dean R. Holland, CPA





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