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IRS Announces Standard Mileage Rates for 2014

Each December, the IRS calculates and announces the standard mileage rate for automobile usage for the following year.  Recently, they released the rates that will apply for 2014
  • 56 cents per mile for business use, down from 56.5 cents for 2013.
  • 23.5 cents per mile for medical or moving expenses, down from 24 cents per mile for 2013.
  • 14 cents per mile driven in service of a charity, unchanged from 2013.

The slight decrease in rates is apparently in response to recent declines in retail gasoline prices across the nation.  Should there be a dramatic increase, it is not unprecedented for the IRS to announce a mid-year adjustment to these standard mileage rates.  We will keep you posted of any changes that occur next year.

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