The Internal Revenue Service has released the 2014 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. The following chart reflects the new 2014 standard mileage rates compared to the 2013 and 2012 tax year standard mileage rates.
|Standard Mileage Rate||2014||2013||2012|
|Business rate per mile||56.0¢||56.5¢||55.5¢|
|Medical and moving rate per mile||23.5¢||24.0¢||23.0¢|
|Charitable rate per mile||14.0¢||14.0¢||14.0¢|
|Depreciation rate per mile||22.0¢||23.0¢||23.0¢|