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Family Office | High Net Worth Individuals

New Standard Mileage Rates Now in Effect

Saul Brenner, CPA, J.D., LL.M. 01.22.2015 | eVisor

Effective January 1, 2015, the optional standard mileage rates for cars, vans, pickups or panel trucks will be as follows:

  • 57.5 cents per mile for business miles driven, up from 56 cents in 2014;
  • 23 cents per mile driven for medical or moving purposes, down half a cent from 2014; and
  • 14 cents per mile driven in service of charitable organizations.

These rates are used to calculate the deductible costs of operating a vehicle for business, charitable, medical, or moving purposes. You have the option of claiming deductions based on the actual costs of using the vehicle rather than the standard mileage rates.

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