IRS Announces Increase in Business Mileage Deduction Rate through Runzheimer International Partnership
WATERFORD, Wis., Nov. 26, 2012 /PRNewswire/ -- The Internal Revenue Service (IRS) has announced the 2013 national optional business mileage deduction rate of 56.5 cents for U.S. business drivers, effective January 1, 2013. To establish the rate, the IRS worked closely with Runzheimer International, the company who has provided annual vehicle cost data to the IRS since 1980. Runzheimer International is the industry leader in employee mobility programs, including business vehicle, business travel, relocation and mobile device expense management as well as benchmark data to organizations in the U.S. and Canada.
The 2013 rate of 56.5 cents has increased as compared to the current rate of 55.5 cents-per-mile, which went into effect January 1, 2012.
"Higher maintenance costs and fuel prices are the primary reasons for the increase in the national optional business deduction," said Ted Schuerman, Senior Project Leader, Runzheimer International. "The data Runzheimer collects for the IRS highlights the shifts in market conditions nationwide and enable the IRS and other organizations to make more informed business decisions related to vehicle costs."
The 56.5 cents-per-mile is the amount that a U.S. taxpayer can deduct for vehicle expenses on a 2013 tax return for recorded business miles.
About Runzheimer International
Founded in 1933, Runzheimer International serves 60 percent of the Fortune 500 and numerous government agencies. Recognized for providing innovative solutions relating to Total Employee Mobility®, Runzheimer is the global leader in workforce mobility programs including business vehicles, business travel, corporate aircraft, employee relocation and compensation, and mobile device management. For more information, visit www.runzheimer.com.
SOURCE Runzheimer International