IRS Announces 2014 Standard Mileage Rate - Drop from 2013

The Internal revenue service released the 2014 Standard Milage Rates for taxpayers' optional use in computing the deductible costs of operating an automobile for business, charitable, or medical purposes.

The rates for 2014 are as follows:

$0.560 per mile for business miles
$0.140 per mile for charitable miles
$0.235 per mile for medical miles

As a comparison, the rates for 2013 were:

$0.565 per mile for business miles
$0.140 per mile for charitable miles
$0.240 per mile for medical miles

For more information, see:
IRS Notice 2013-80
IRS Notice 2012-72