OUR THOUGHTS ON:

IRS Releases 2014 Standard Mileage Rate

Tax

By John Kohler

On December 6, 2013, the IRS released the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes.

Effective January 1, 2014, the standard mileage rate for the use of a vehicle will be:

  • 56 cents per mile for business purposes
  • 23.5 cents per mile for medical or moving purposes
  • 14 cents per mile for charitable purposes

The rates are .5 cents less than the 2013 for business, medical, and moving purposes. There is no change to the rate for charitable purposes.

Taxpayers retain the option of electing to deduct the actual vehicle cost incurred rather than the standard mileage rate.

© 2013 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

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© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

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