Do You Track Your Mileage?

On January 4th, 2013, posted in: Accounting by 0 Comment

If you’re not tracking your business mileage, you’re missing a valid expense for your business.

The IRS has announced that beginning on January 1, 2013, the standard mileage rates for the use of a car, van, pickup or panel truck 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 increased 1 cent from the 2012 rate. The medical and moving rate is also up 1 cent per mile from the 2012 rate.

Stop by your office supply store to pick up a simple little book to record your mileage. Pay yourself back monthly or do an adjusting journal entry to record it. (If you’re not sure what this is, ask us — your virtual accountant!) But don’t ignore it!

 

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