Tax Tip of the Week | No. 286 | IRS Revises Standard Mileage Rates for 2015

Generaltax changesTax TipTaxesTaxes
Written By

Tax Tip of the Week | Jan 21, 2015 | No. 286 | IRS Revises Standard Mileage Rates for 2015These rates started January 1, 2015

The IRS has increased the standard mileage rate for business purposes, but lowered the rate for medical or moving purposes.-    Mileage rate for business purposes will be 57.5 cents/mile, up from 56 cents in 2014-    Medical and moving rates will be 23 cents/mile, down half a cent from 2014-    Charitable rate will remain unchanged at 14 cents/mile (Note: Congress sets the charitable rate and it has remained unchanged for many years)With today’s decreasing gas prices, we wouldn’t be surprised if the IRS makes a mid-year correction as they have done in prior years.We’ll keep you posted. You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.Rick Prewitt - the guy behind TTW...until next week.
Previous

Tax Tip of the Week | No. 287 | Municipal Tax Reform for Ohio

Next

Tax Tip of the Week | No. 285 | Ohio Employers' Federal Unemployment Tax Increased for 2014