Change in Mileage Rates
The Internal Revenue Service is revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated. This modification results from recent increases in the price of fuel.
The revised standard mileage rates are:
(1) Business 55.5 cents per mile
(2) Medical and moving 23.5 cents per mile
The mileage rate that applies to the deduction for charitable contributions is fixed under § 170(i) of the Internal Revenue Code at 14 cents per mile. Continue reading... “Change in Mileage Rates”