IRS Announces 2014 Mileage Rates

unnamed-3

By Staff Reports

(Victor Valley)– The Internal Revenue Service recently issued 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 January 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.
  • 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.

Leave a Reply

Your email address will not be published. Required fields are marked *