If its at 500 then that is your current max speed with ANY code, that does not mean it is all it can do though, who set that speed?
To go higher will need testing and tweaking unless you know for a fact that it can do it, not hard just tedious

If you look at your G-Code file, you should see lines beginning with G0, G1, G2 etc these are the moves, G0 is a rapid and never used for cutting, G1 is a cutting move - straight at a feed speed commanded by the F parameter on or near that line, G2 is clockwise circular cutting again with an F parameter maybe and so on, these are all documented - Google Mach3 G codes and you will get a document that explains it all.
Now, there is no point in the code asking for a speed of say F1000 if your machine is pegged at 500 - it will be limited to 500 for cutting OR rapids.
To increase the speed you change the settings in motor tuning, increase in small amounts say 100 at a time, save it then jog the machine at full rapid (shift & jog) if it screams you have gone too fast and the motors are throwing in the towel, if ok then advance some more, at some stage it WILL give up, at this point you need to back off maybe 20% and start testing for lost steps - this will cause circles to come out square and other lovely cock-ups

Its an art to get right as every machine is totally different, but can be done, just make sure you note what you are doing.
Once you have found the sweet spot, set the acceleration to 1/10 of the speed and start testing again for lost steps etc.
Definitely get the book on G-codes though, there is also a smaller on on M-Codes

Also a little more info on the machine would be good