The Internal Revenue Service has issued the 2014 optional standard mileage rates to be 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:
|Purpose||Rate Per Mile|
|For business miles driven||56 cents|
|For medical or moving purposes||23.5 cents|
|In service of charitable organization||14 cents|
The rate for business rate and the medical and moving rate are each decreased by one-half cent per mile from the 2013 rate.
For more information about the rate changes for 2014, please visit the IRS website.
The IRS studies the various fixed and variable costs associated with operating a motor vehicle for transport for business use and establishes an updated rate. The agency uses only variable costs when calculating the rate for medical and moving based mileage.
Various restrictions apply when applying these rates. Please consult a tax professional for more information.
Published: December 6, 2013