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New standard mileage rates coming soon.

The Internal Revenue Service recently announced the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.

Starting Jan, 1, the standard mileage rates for the use of a car (in addition to vans, pickups, or panel trucks) will be 56 cents per mile for business miles driven, 23.5 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in order to serve charitable organizations.

For more information, see Notice 2013-80, which contains the standard mileage rates, the amount taxpayers must use to calculate reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost taxpayers may use to calculate the allowance under a fixed and variable rate plan.

CONTACT SHEIRESA NGO AT money@blackenterprise.com or @SheiresaNgo.

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Title Annotation:SHEIRESA NGO'S TIP OF THE MONTH
Author:Ngo, Sheiresa
Publication:Black Enterprise
Article Type:Brief article
Geographic Code:1USA
Date:Dec 1, 2013
Words:143
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