IRS Releases Optional Standard Mileage Rates For 2014

Eddie Adkins for Grant Thornton LLP writes: The IRS issued (Notice 2013-80) the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. In lieu of using the optional standard rates, taxpayers may calculate the actual costs of using their vehicle. 

Beginning on Jan. 1, 2014, the standard mileage rates for the use of an automobile are:

• 56 cents per mile for business miles driven (down from 56.5 cents, which was in effect for 2013)
• 23.5 cents per mile driven for medical or moving purposes (down from 24 cents, which was in effect for 2013)
• 14 cents per mile driven in service of charitable organizations (no change from prior years) 

The standard mileage rates are based on an annual study of the costs of operating an automobile and are slightly lower than the rates for 2013. Rev. Proc. 2010-51 includes more details about the use of standard mileage rates.