Q:

What was the federal mileage rate for 2014?

A:

Quick Answer

The standard mileage rate for the 2014 tax year is 56 cents per mile driven for business or 23.5 cents per mile driven for moving or medical purposes, according to the Internal Revenue Service. For miles driven in service of charitable organizations, the rate is 14 cents per mile.

Continue Reading

Full Answer

The IRS bases the standard business mileage rate on an annual study of the variable and fixed costs of operating a vehicle. IRS Notice 2013-80 offers additional information on standard mileage rates, including how to calculate the mileage deduction. In lieu of using standard mileage rates, a taxpayer has the option to calculate the actual costs of operating a vehicle, notes the IRS.

Learn more about Taxes
Sources:

Related Questions

Explore