New Mileage Rates Released by IRS

The IRS has
released the 2014 optional standard mileage rates that employees, self-employed
individuals, and other taxpayers can use to compute deductible costs of
operating automobiles (including vans, pickups and panel trucks) for business,
medical, moving and charitable purposes.
The 2014
standard mileage rate is 56 cents per mile for business uses and 23.5 cents per
mile for medical and moving uses. It remains at 14 cents per mile for
charitable uses. For purposes of computing the allowance under an FAVR plan,
the standard automobile cost may not exceed $28,200 ($30,400 for trucks and

The updated
rates are effective for deductible transportation expenses paid or incurred on
or after January 1, 2014, and for mileage allowances or reimbursements paid to,
or transportation expenses paid or incurred by, an employee or a charitable
volunteer on or after January 1, 2014.