In the NEWS: IRS Releases 2015 Mileage Allowances

On December 10th, the IRS released its annual optional standard mileage rates that may be used in computing automobile deductions during 2015.

See IR-2104-114,;-Business-Rate-to-Rise-in-2015, and Notice 2014-79. The new rates, applicable for auto use after December 31, 2014, are 57.5 cents per mile for business use, 23 cents per mile for medical or moving use, and 14 cents per mile for charitable use. The business rate is up 1.5 cents from the 56 cents per mile rate that has been in effect since January 1, 2014, while the rate for medical and moving is down a half cent from 23.5 cents. The charitable rate of 14 cents per mile does not vary from year-to-year because it is fixed by statute.

Interested in reading more?

Enter your email below to download the full story

Worried about what we do with your email? View our Privacy Policy and sign up with confidence.