HIS CPA
1/2/14 at 11:07 AM 0 Comments

IRS Announces 2014 Mileage Rates on Vehicles

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The Internal Revenue Service just issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

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 organizations

The business, medical, and moving expense rates decrease one-half cent from the 2013 rates. The charitable rate is based on statute.

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.

To read more about IRS rules on corporate vehicles see http://www.hiscpa.com/autos.html  We are a Christian #CPAfirminDuluth GA and have noted over the years that it is almost ALWAYS more prudent to own your vehicle personally and then to turn in your business mileage to your business to gain reimbursement.

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