The Norman Transcript

Local news

December 2, 2012

Standard mileage rates slightly up over last year

NORMAN — The Internal Revenue Service recently issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, the standard mileage rates for the use of cars, vans, pickups or panel trucks will be: 

· 56.5 cents per mile for business miles driven

· 24 cents per mile driven for medical or moving purposes

· 14 cents per mile driven in service of charitable organizations

 The rate for business miles driven during 2013 increases 1 cent from the 2012 rate.  The medical and moving rate is also up 1 cent per mile from the 2012 rate.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.

These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical, or charitable expense are in Rev. Proc. 2010-51. Notice 2012-72 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.

For local news and more, subscribe to The Norman Transcript Smart Edition, or our print edition.

1
Text Only | Photo Reprints
Local news
  • N7 Sooners come together to serve Native American youth

    Whitney Wofford has faced some tough competition as a part of the Oklahoma tennis team. However, on Wednesday, Wofford may have taken on her biggest and most rewarding competition yet at the Sooners For N7 event at the Oklahoma football ...

    April 10, 2014 3 Photos

  • Transportation officials find more cracks in Lexington-Purcell bridge, but repairs on track

    State transportation officials announced Tuesday that additional repairs are needed in at least 96 places on the Lexington-Purcell bridge before it can be opened....

    April 23, 2014

  • Stacy Ford named 2014 Norman schools Teacher of the Year during banquet

    Stacy Ford, Kennedy Elementary librarian, was named 2014 Norman Public Schools Teacher of the Year at the district’s annual Celebration of Excellence banquet Tuesday evening at the National Center for Employee Development....

    April 23, 2014

  • Council OKs $48.8M contract for wastewater plant upgrades

    The Norman City Council awarded a $48.8 million project for wastewater treatment plant upgrades Tuesday. The council accepted a $50.3 million low-interest loan from the Clean Water State Revolving Fund....

    April 23, 2014

  • Water carry 5 Water Walk opens discussion about difficulties in obtaining safe H2O

    With large white plastic buckets upon their heads, two gallons of water sloshed to the brim and over the side, but the students trudged on down the South Oval. The farthest feat was to the Seed Sower, and as the sun glared down, heat ...

    April 23, 2014 1 Photo

  • Blood drive planned Thursday

    Moore Norman Technology Center, 4701 12th Ave. NW in Norman, will host an Oklahoma Blood Institute public blood drive from 8:30 a.m. to 2:30 p.m. Thursday inside room A109 in the main building of MNTC’s Franklin Road campus.  The OBI is in ...

    April 23, 2014

  • Local student to attend arts camp

    Kate Kemmet, 15, of Norman, has been accepted and will attend Interlochen Arts Camp. Kemmet, the daughter of Rob and Lori Kemmet, will study musical theater at the Camp....

    April 23, 2014

  • Coalition seeks more jobs

    A coalition of groups that encourage employment of residents who have disabilities hopes to double the number of placed workers by next fall....

    April 23, 2014

  • Ex-judge cleared to run in McAlester

    OKLAHOMA CITY — A McAlester judicial candidate is cleared to run for office despite stepping down as a special judge in 2011 amid misconduct allegations, the State Election Board unanimously ruled Monday....

    April 23, 2014

  • Contemporary Dance Oklahoma to perform at OU

    The University of Oklahoma University Theatre and School of Dance will present Contemporary Dance Oklahoma, a mixed program of new choreography, works from the CDO repertory and guest choreographer Jessica Lang’s “A Solo in Nine Parts.” ...

    April 23, 2014