Here are four things to know about the newly issued 2013 standard mileage rates.
1. The New 2013 Business Rate Is 56.5 Cents a Mile
The 2013 standard mileage rate for business miles is 56.5 cents a mile, up a penny from 2012. You may claim the IRS mileage rate in lieu of depreciation and operating expenses.
Example. You drive 10,000 business miles and choose the IRS mileage rate. You deduct $5,600 instead of deducting depreciation, gas and oil, insurance, car washes, repairs, ... Log in to view full article.