IRS Standard Mileage Rate Increases 1 Cent for 2013
The Internal Revenue Service has announced that its 2013 optional standard mileage rate for business miles driven will be going up 1 cent from the 2012 rate to 56.5 cents per mile. The new rate takes effect January 1.
The IRS also established the following rates:
- 24 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
Township supervisors may implement this change by motion at a public meeting. If the board of supervisors establishes a mileage rate lower than the IRS rate, officials and employees may deduct the difference when filing federal taxes. The board may also establish a mileage rate higher than the IRS rate, but this would be considered taxable compensation.