Tax Tip of the Week | No. 239 | Mileage Rates for 2014

Tax Tip of the Week | March 5, 2014 | No. 239 | Mileage Rates for 2014In Case You Haven't Heard....

The Internal Revenue Service releases deductible mileage rates each year. In case you haven’t heard, the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes have been announced.Beginning on Jan. 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 organizationsThe business, medical, and moving expense rates decreased one-half cent from the 2013 rates.  The charitable rate is based on statute and remains unchanged.The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.

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