IRS releases 2015 standard mileage rates
Posted On: 12-11-2014 | Posted By: WK Staff
The standard mileage rate used to calculate the cost of operating a vehicle for business purposes rose to 57.5 cents per business mile driven on January 1, 2015.
- 57.5 cents per mile for business miles driven (an increase of 1.5 cents above the 2014 rate)
- 23 cents per mile driven for medical or moving purposes (a decrease of a half cent)
- 14 cents per mile driven in service of a charitable organization
If a taxpayer has taken a Section 179 depreciation deduction on a vehicle or is a fleet owner, standard mileage should not be used. Contact your WK advisor for guidance in those situations.