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IRS Adjusts Standard Mileage Rate


12/11/14

On December 10, 2014, the IRS issued the standard mileage rates to be used for 2015 when calculating the deductible costs of operating an automobile. The table below reflects the current mileage rates for business, medical/moving, and charitable related driving (last adjusted as of January 1, 2014), along with the rates that become effective on January 1, 2015:

Purpose1/1/20151/1/214
Business57.5¢56¢
Medical/Moving23¢23.5¢
Charitable14¢14¢

Whereas the rate for business mileage has increased 1.5 cents per mile the rate for medical/moving related driving has decreased .5 cents per mile. The charitable rate is based on statute.

Contact:

For more information, please contact Neil Becourtney, Partner, at 732-380-8678.

To learn more about CohnReznick's Federal Tax services, please visit our webpage.


Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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