I have written before about standard mileage rates but today I’d like to give you an update. The IRS has released the new standard mileage rates for 2014 that many companies use to reimburse you for business miles driven on your personal vehicles.
You can also use these rates for deducting business use of your personal vehicle if you run your own business. Remember, despite what many people may think or say, you don’t make money on mileage reimbursement.
2014 IRS Standard Mileage Rate
For 2014, the IRS standard mileage rate is 56 cents per mile which is a decrease of just one half of a cent over 2013’s 56.5 cents per mile. If you drive 1,000 miles on business it would amount to a $10.00 smaller reimbursement from your employer or deduction on your tax return.
2014 Medical and Moving Mileage Rate
For 2014, the IRS medical and moving mileage rate is 23.5 cents per mile which, like the IRS standard mileage rate, decreased one half of a cent over 2013’s rate which was 24 cents for medical and moving mileage.
2014 Service to a Charitable Organization Mileage Rate
For 2014, the IRS service to a charitable organization mileage rate remained the same as it was in 2012 at 14 cents per mile.
You can read the official IRS notice here.
What do you think about the mileage rates for 2014? Did they increase enough or do you think it was a fair adjustment?