IRS Almosts Eliminates the 1/2 cent
The IRS just announced the standard mileage rates for 2014. They are as follows:
- Business Mileage – 56 cents per mile
- Charity Mileage – 14 cents per mile
- Medical Mileage – 23.5 cents per mile
The nice thing is that they finally eliminated the 1/2 per mile for business miles, but did retain it for medical mileage. The rate for business mileage in 2013 had been 56.5 cents per mile, so this is a drop of .5 cents per mile. Also, for purposes of calculating the depreciation portion of the mileage rate, this dropped from 23 cents per mile to 22 cents per mile.
Paul Neiffer, CPA
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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