a 2 1/2" binding will give you a 3/4" on each side (in theory)- if you want an inch you would need to cut your binding strips 3" wide (folded in half = 1 1/2, sewn 1/4" seam, folded to back and sewn down)
if using a 1/4" seam to attach the binding you stop EXACTLY at the 1/4" (dot) at the corner- stop, fold binding straight up, fold, then straight down- start sewing at the 1/4" mark and continue to next corner- Perfect miters. the place to stop corresponds with the width of the stitching line. you can adjust your seams to what ever works for you-i use a wider binding on heavier or flannel quilts and use a 1/2" seam instead of 1/4" just to give it more to hang on to.