New Standard Mileage Rates Now Available; Business Rate to Rise in 2015 WASHINGTON — The Internal Revenue Service today issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be: •57.5 cents per mile for business miles driven, up from 56 cents in 2014 •23 cents per mile driven for medical or moving purposes, down half a cent from 2014 •14 cents per mile driven in service of charitable organizations The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile, including depreciation, insurance, repairs, tires, maintenance, gas and oil. The rate for medical and moving purposes is based on the variable costs, such as gas and oil. The charitable rate is set by law. Taxpayers always have the option of claiming deductions based on the actual costs of using a vehicle rather than the standard mileage rates. THE RATE FOR THIS YEARS TAX RETURN IS 56 CENTS PER MILE
Posted on: Sun, 11 Jan 2015 18:51:05 +0000
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