Breaking News: 2014 Standard Mileage Rates

Posted on 09. Dec, 2013 by in VirtualConnections Newsletter

IRS logoThe IRS has just released the standard mileage rates for 2014. For business use of an automobile, the rate will decrease by a half-cent to .56 cents per mile. For medical and moving expenses, it will be .235 cents per mile, again down by a half-cent. For services to charitable organizations, the rate stays at .14 cents per mile.

You can read the full press release from the Internal Revenue Service. Notice 2013-80 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.

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