The IRS has announced its new rates for 2014 and there is a slight decrease, ½ cent lower than last year.
Here are the standard mileage rates for the upcoming year
- 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
These mileage rates are optional meaning you can use the IRS standard rate for 2014 or you can keep track of your actual expenses of operating a vehicle and claim actual expenses.
Which is better? It’s tough to say, circumstances can vary from individual to individual. Here is a link to help you decide… http://www.irs.gov/taxtopics/tc510.html
For more information on the rate changes, you can read about it here from the IRS…