IRS Cuts Standard Mileage Rates For 2014, Adjusts Basis for Depreciation

The optional standard mileage rates in 2014 for business miles driven and for moving or medical purposes decreased a half cent from the 2013 rates, the Internal Revenue Service said.

In 2014, the rate for business miles driven will be 56 cents per mile and 23.5 cents per mile for medical or moving purposes; the rate is 14 cents per mile in service of a charitable organization, the IRS said Dec. 6 in guidance (Notice 2013-80) and a news release (IR-2013-95).

The Service said taxpayers can’t use the business standard mileage rate for a vehicle after ...