Changes to your taxes and deductions for 2013

Keep in mind that the Social Security Payroll tax holiday expires at the end of 2012.  Starting in January of 2013, the employee’s share of payroll tax will go back to 6.2 percent from 4.2 percent.

The IRS recently announced the standard mileage rates for 2013.  For business use of a car, van, pickup truck, or panel truck, the 2013 rate will be 56.5 cents per mile. Driving for medical or moving purposes may be deducted at 24 cents per mile. Both rates are 1 cent higher than for 2012.  The rate for service to a charitable organization is unchanged, at 14 cents a mile.

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