David Saks: IRS New Standard Mileage Rates Available - Business Rate Rise in 2015

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

IRS New Standard Mileage Rates Available - Business Rate Rise in 2015

New Standard Mileage Rates Now Available;

Business Rate to Rise in 2015

WASHINGTON — The Internal Revenue Service today issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be:

  • 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 
  • 14 cents per mile driven in service of charitable organizations

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile, including depreciation, insurance, repairs, tires, maintenance, gas and oil. The rate for medical and moving purposes is based on the variable costs, such as gas and oil. The charitable rate is set by law.

Taxpayers always have the option of claiming deductions based on the actual costs of using a vehicle rather than the standard mileage rates.

A taxpayer may not use the business standard mileage rate for a vehicle after claiming accelerated depreciation, including the Section 179 expense deduction, on that vehicle. Likewise, the standard rate is not available to fleet owners (more than four vehicles used simultaneously). Details on these and other special rules are in Revenue Procedure 2010-51, the instructions to Form 1040 and various online IRS publications including Publication 17, Your Federal Income Tax.

Besides the standard mileage rates, Notice 2014-79, posted today on IRS.gov, also includes the basis reduction amounts for those choosing the business standard mileage rate, as well as the maximum standard automobile cost that may be used in computing an allowance under a fixed and variable rate plan.

source: http://irs.gov




David Saks



Time&Temp Memphis

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Comment balloon 6 commentsDavid Saks • December 10 2014 11:02PM

Comments

Thanks good to know.

 

Posted by Kim Ljungquist (Coldwell Banker) about 5 years ago

Your welcome, Kim. Thanks.

Posted by David Saks ((retired)) about 5 years ago

So, I guess they're not going to like me claiming $100.00 per mile?  Even if I tell them I have a gas guzzler.  

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 5 years ago

Tell them you use a Saab Draken for business, Gabe.

Posted by David Saks ((retired)) about 5 years ago

David Saks, I wasn't aware of the increase for business mileage so thanks for the post.

Posted by Sam Miller, Knox County Ohio Real Estate Specialist (RE/MAX Stars Realty) about 5 years ago

Very welcome, Sam. Hope you get a rebate.

Posted by David Saks ((retired)) about 5 years ago

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