IRS Announces Mileage Decrease

Standard milage rates for business, medical & moving decrease 0.5¢ per mile for 2014.

IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will decrease by 0.5¢ to 56¢ per mile for business travel after 2013. This rate can also be used by employers to reimburse tax-free under an accountable plan employees who supply their own autos for business use, and to value personal use of certain low-cost employer-provided vehicles. The rate for using a car to get medical care or in connection with a move that qualifies for the moving expense will also decrease by 0.5¢ to 23.5¢ per mile. Notice 2013-80, 2013-52 IRB ; IR 2013-95

Henderson Hutcherson & McCullough, PLLC, will continue to keep you updated. Also, visit www.irs.gov for more information as it becomes available.