IRS issues 2014 standard mileage rates
Categories: U.S. Legislatitive Issues, Top Stories |
Author: Amy Volk
Posted: 12/10/2013 |
The Internal Revenue Service set the 2014 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, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile for business miles driven; 23.5 cents per mile driven for medical or moving purposes; and 14 cents per mile driven in service of charitable organizations. The business, medical, and moving expense rates decrease one-half cent from the 2013 rates. The charitable rate is based on statute and did not change. 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.