Mileage Deduction Rate

The IRS sets the rate for mileage deduction at 56.5 cents per mile for calendar year 2013. This is a one cent increase over 2012. The mileage deduction rate changes from year to year. The rate is a function of various automobile operational costs including fuel, repairs and maintenance, insurance, taxes, licensing and original asset purchase allocation via depreciation.

Mileage Deduction – New Rate for 2013

Mileage Deduction

The Internal Revenue Service announced the mileage rate deduction for the calendar year 2013 on November 21, 2012. The new rate increased 1 cent over 2012’s rate to 56.5 cents per mile. How do you calculate and use the mileage rate formula for tax purposes? 

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