General Information

Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also 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 Internal Revenue Service 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, 2013, the standard mileage rates for the use of a car (also 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.

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How would you like to win an Xbox 360 Holiday Bundle just in time for Christmas this year?  If you would then you need to enter our Facebook Drawing. Check out our facebook page for the details. 

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Since 1993, Fox Peterson has fostered entrepreneurial spirit by providing a wide range of accounting, consulting and tax services to small businesses throughout Arizona and the United States.

A small group of Accountants in Mesa AZ who specialize developing serious financial strategies for small businesses.

Since 1993, Fox Peterson has fostered entrepreneurial spirit by providing a wide range of accounting, consulting and tax services to small businesses throughout Arizona and the United States. Clients of Fox Peterson experience the professional level and knowledge expected from a large industry stronghold (accounting firm), but with the personal attention and reasonable rates of a small, local agency. We are proud to preserve the old-fashioned benefits of professional and prompt service while ensuring our company is up-to-date with all of the latest tax laws and accounting technology. As a Fox Peterson client, you will benefit from the ease of mind that comes with service you can rely on.

We emphasize long-term relationships and continually advise our clients to ensure their future success. The way we see it, our clients’ success is our success. Our CPAs are proficient in all aspects of taxes and accounting, so no matter what your small business or personal accounting needs are, we can help. We cater mostly to small, closely-held businesses, but also serve a variety of individuals and organizations. We offer all the amenities and services of a large accounting firm, but care enough to establish strong relationships with all of our clients. We firmly believe that by getting to know you, we are better able serve you.

We emphasize long-term relationships and continually advise our clients to ensure their future success. The way we see it, our clients’ success is our success. Our CPAs are proficient in all aspects of taxes and accounting, so no matter what your small business or personal accounting needs are, we can help. We cater mostly to small, closely-held businesses, but also serve a variety of individuals and organizations. We offer all the amenities and services of a large accounting firm, but care enough to establish strong relationships with all of our clients. We firmly believe that by getting to know you, we are better able serve you.

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the theory and system of setting up, maintaining, and auditing the books of a firm; artof analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc. (distinguished from bookkeeping).

ac·count·ing

[uh-koun-ting] noun

1.

the theory and system of setting up, maintaining, and auditing the books of a firm; art of analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc. (distinguished from bookkeeping).
2.

a detailed report of the financial state or transactions of a person or entity: an accounting of the estate.
3.

the rendering or submission of such a report.
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