By Stacey Gorowitz, CPA, MBA
It’s time to reveal the long-awaited IRS standard mileage rates for 2014. And they are (drumroll, please):
- 56 cents per mile for the optional business standard mileage rate
- 23.5 cents per mile for qualified medical and moving expenses
- 14 cents per each mile driven for charitable purposes
Let the celebrations begin!
But wait – aren’t some of those numbers lower than last year’s rates? Yes, your memory does not deceive you. The IRS has reduced the optional business standard and medical/moving expense rates from their 2013 levels of 56.5 and 24 cents per mile, respectively. (The charitable miles rate remains the same.) With gas prices generally trending lower than they have been in recent years, the IRS thought it prudent to reduce mileage cost deduction rates to reflect the change.
