Standard Mileage Rate has been increased for 2015

Standard Mileage Rate has been increased for 2015

The IRS shows the following standard mileage rates for the use of a car, van, pickup or panel truck starting January 1st, 2015.

• Business miles driven are 57.5 cents per mile, up from 56 cents in 2014

• Miles driven for medical or moving purposes will be 23 cents for 2015.  This is down half a cent from 2014.

• Miles driven in service of charitable organizations is 14 cents per mile.

If you are claiming accelerated depreciation on your vehicle for business use, or have claimed Section 179 for your vehicle, you may not use the business standard mileage rates.

Note:  You always have the option of claiming deductions based on the actual costs of using a vehicle rather than the standard mileage rates.  Please contact me should you have any questions.