Interest Rates Remain the Same for the First Quarter of 2013

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2013. Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis.  For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

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Fall 2012 Statistics of Income Bulletin Now Available

Nearly 143 million individual income tax returns were filed for Tax Year 2010, an increase of 1.7% percent from  140.5 million returns filed for 2009.  The adjusted gross income (AGI) reported on these returns totaled $8.1 trillion, a 6.1 percent increase from the previous year.

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Standard Mileage Rates for 2013

The Internal Revenue Service today 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

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