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The Farm CPA

RSS By: Paul Neiffer, Top Producer

Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.

IRS Almosts Eliminates the 1/2 cent

Dec 06, 2013

The IRS just announced the standard mileage rates for 2014. They are as follows:

  • Business Mileage - 56 cents per mile
  • Charity Mileage - 14 cents per mile
  • Medical Mileage - 23.5 cents per mile

 

The nice thing is that they finally eliminated the 1/2 per mile for business miles, but did retain it for medical mileage. The rate for business mileage in 2013 had been 56.5 cents per mile, so this is a drop of .5 cents per mile. Also, for purposes of calculating the depreciation portion of the mileage rate, this dropped from 23 cents per mile to 22 cents per mile.

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