The Internal Revenue Service has
announced that optional standard mileage rates for company use of a vehicle
will decrease by one-half of a cent per mile in 2014. The optional mileage
rates allow taxpayers to calculate the deductible costs of operating a vehicle.
The rate for business use of a car, van, or pickup/panel truck in 2014 will be
56 cents per mile, and driving for medical or moving purposes is rated at 23.5
cents per mile. These rates are both one-half cent lower than in 2013. The IRS
notes that “taxpayers always have the option of calculating the actual costs of
using their vehicle rather than using the standard mileage rates”. If you have
any questions about mileage rates, please contact us.
http://www.journalofaccountancy.com/News/20139210.htm
518 Arbor Hill Rd.
Kernersville, NC 27284
Ph: 336-996-3338
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