← FarmCPA Home

IRS Bumps 2013 Standard Mileage Rates by a Penny per Mile

By: | Trackback URL | 1 Comment

November 25th, 2012

The IRS announced last week (IR-2012-95) a  penny per mile increase in the standard mileage rate for business and medical or moving purposes.

For business purposes, the rate increases from 55.5 cents per mile to 56.5 cents per mile (don’t ask me why they do not round it to the nearest penny).

For medical or moving purposes, the rate increases from 23 cents per mile to 24 cents per mile.

The charitable rate remains at 14 cents per mile.

The business rate is based on an annual study of the fixed and variable costs of operating an automobile.  Taxpayers have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates ( I would guess that most farmers use this method rather than the standard mileage rate).

 Paul Neiffer, CPA

Paul Neiffer

Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a partner with CliftonLarsonAllen in Yakima, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. In fact, Paul drives combine each summer for his cousins and that is what he considers a vacation. Leave a comment for Paul. If you would like to leave a comment for Paul, follow the link above, however, please make sure to include your email address so that he can reply to your comment (your email address will not automatically show up).

More Posts - Website

Follow Me:
Twitter

← FarmCPA Home

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Subscribe to this blog by:

Previous Posts

Events

View upcoming speaking engagements and other networking events for Paul Neiffer and CliftonLarsonAllen’s agribusiness team.

See All

  • Twitter Feed

    I hope KC does not waste all their hits tonight 3 days ago

    Nothing better (for a farm boy) pic.twitter.com/DUShoT5cpF

    6 days ago

    If you have higher yields or go all corn for the 2014 crop year consider ARC-IC. It may more than offset base acre penalty 1 week ago

    Presenting two farm bill seminars today. Dayton and Walla Walla 1 week ago

    Netflix down $110 in after hours trading. Sign of momentum stocks going flat? 2 weeks ago

    Getting ready to go to LA to defend my son and I APU Alumni golf tournament victory last year. I may have to carry him again 2 weeks ago

    Everybody worried about bubble in land market. They should worry about stock market bubble 2 weeks ago

    77 degrees on October 8. Perfect. 3 weeks ago

    Somehow IRS listed several counties in Iowa as drought stricken. Hard to believe after all the rain this year 4 weeks ago