If you feel like gas prices have been edging up, it’s not your imagination. Prices have increased since last year and the IRS has taken notice. Beginning January 1, 2013, the standard mileage rates will increase slightly to:
No, the last line isn't a mistake. It’s still 14 cents per mile for charity. While business miles and medical/moving miles are adjusted each year for inflation, the mileage rates for charity must be changed by Congress. And you know how effective Congress is… the rate hasn't changed since the Clinton years.
Remember, however, that you aren't required to use the standard mileage rates: you have the option of calculating the actual costs of operating your car. Whether you use the standard mileage rates or the actual costs, the devil is in the details. To substantiate your deductions, remember to keep good records.
Questions? We are your financial partners, and we are here to help. Give us a call today.
Security Tax Services LLC
North Sound South Sound
2802 Wetmore Ave, Suite 212 33530 1st Way S, Suite 102
Everett, WA 98201 Federal Way, WA 98003
425.339.2400 253.237.0751
fax 425.259.1099 fax 253.237.0701
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