The IRS has increased the optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes for 2015.Effective January 1, 2015, the optional standard mileage rates will be:
- 57.5 cents per mile for business (an increase from 56 cents per mile in 2014);
- 23 cents per mile driven for medical or moving purposes (a deduction of a cent from 2014); and
- 14 cents per mile driven in service of charitable organizations.
You have the option to claim deductions based on the actual costs of using the vehicle rather than the standard IRS mileage rates if you choose.
You can find the IRS announcement dated December 10, 2014 announcing the rate changes here.
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