IRS Increases Standard Mileage Rate For 2015

The Internal Revenue Service announced the 2015 optional standard mileage rate for calculating the deductible costs of operating an automobile for business purposes. Starting January 1, 2015, the standard mileage rate for the business use of a car, van, pickup, or panel turck is 57.5 cents per mile for business miles driven (up from 56 cents per mile in 2014).

The IRS also announced the 2015 standard mileage rates for (1) vehicles driven for medical or moving purposes: 23 cents per mile; and (2) vehicles driven for charitable purposes: 14 cents per mile.

See the IRS website (www.irs.gov) for more information