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2014 Standard Mileage Rates for Business, Medical and Moving Announced
Washington: 2014 optional standard mileage is used to calculate the deductible costs of operating an automobile for charitable, moving, medical and business purposes. These rates have been effective from Jan 1, 2014.
Check Out the Standard Mileage Rates
- 56 cents per mile for business miles driven
- 23.5 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
The expense rates for moving, medical and business have decreased one-half cent from that of 2013. The charitable rate is based on statute.
The standard mileage rate for business is based on the annual study of the fixed and variable costs of operating an automobile. For medical and moving purposes, the rates are based on the variable costs.
Useful Information for Tax Payers
Taxpayers always have the options of calculating the actual costs of using their vehicle rather than making use of the standard mileage rates.
If the taxpayer has used any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or has claimed a Section 179 deduction for their vehicle, they can ignore using the business standard mileage rate.
In addition, the business standard mileage rate cannot be used for more than four vehicles that are used simultaneously. To learn more about the usage of the standard mileage rates, you can refer to Rev. Proc . 2010-51.
Notice 2013-80 contains the following details:
- The standard mileage rates
- The amount a taxpayer must use in calculating reductions for depreciation under the business standard mileage rate
- The maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan
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We're a locally owned and operated accounting firm. The owner, Donna Denker, has 36 years of experience in the accounting industry.