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Standard Mileage Rate Set to Increase!

Great news for those of you who operate a vehicle for business, medical, or moving purposes, the standard mileage rate is set to increase beginning January 1st, 2013. The rate is set to increase 1 cent from the 2012 rate. The new rates are as follows:

• 56.5 cents per business mile driven
• 24 cents per medical or moving mile
• 14 cents per charitable mile driven

It is important that you keep detailed records of your mileage which includes the date, destination, purpose, contact and the actual miles driven. You should also keep track of any actual expenses you incur during each trip such as gas, tolls, parking, etc. You will be happy you prepared this log once it is time to prepare your tax return, it will also be very helpful if the IRS comes knocking!

As always, please consult your personal tax advisor on all the above information.

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