2014 Standard Mileage Rates Announced

The IRS recently announced the 2014 standard mileage rates used to calculate the costs of operating a vehicle 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 decreased one-half cent from the 2013 rates. The charitable rate is based on statute.

Taxpayers also have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

Should you have any questions related to the new 2014 rates or how they are used, please contact your Marcum Tax Professional.