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.