IRS Increases Mileage Rate in 2013


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If your business has less than 5 vehicles, you’ll be able to use the cents per mile method for calculating the deduction.

You have options when you take the business deduction for your auto. You can take a percentage of expenses (gas, oil, repairs, depreciation and more) for your car or you can take the cents per mile.  You can’t take both.

The cents per mile deduction rate for medical travel will rise to 24 cents per mile in 2013.

The deduction for charity will stay the same at 14 cents per mile.

That’s the simple checklist for auto deductions. But it can get a lot more complicated if you lease, finance or plan to take a Section 179 because you have a heavy vehicle or vehicle that is exempt.

Want to know more about all the ins and outs of writing off your car in 2012? (just in time for you tax preparation)  Then you don’t want to miss How to Write Off Your Car at  https://www.ustaxaid.com/shop/How-to-Write-Off-Your-Car.html



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