Standard mileage rates for business, medical & moving decrease 0.5¢ per mile for 2014

mileagerateIRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will decrease by 0.5¢ to 56¢ per mile for business travel after 2013. This rate can also be used by employers to reimburse tax-free under an accountable plan employees who supply their own autos for business use, and to value personal use of certain low-cost employer-provided vehicles. The rate for using a car to get medical care or in connection with a move that qualifies for the moving expense will also decrease by 0.5¢ to 23.5¢ per mile.

The standard mileage rate for transportation or travel expenses is 56¢ per mile for all miles of business use (business standard mileage rate). The standard mileage rate is 23.5¢ per mile for use of an auto (1) for medical care; or (2) as part of a move. The standard mileage rate is 14¢ per mile for use of an auto in rendering gratuitous services to a charitable organization.

If you have any questions regarding the use of the standard mileage rate, please do not hesitate to contact us.

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