2014 Standard Mileage Rate

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Milage rateThe standard auto rate for 2014 drops a half cent to 56 cents per business mile driven.  Only a business with four or fewer vehicles may use this rate.

If you have five or more vehicles, you must deduct actual expenses.  You will still need to track your mileage to determine the deductible business portion.

The rate for medical travel and moving also dropped a half cent to 23.5 cents.  The rate for charitable driving remains at 14 cents per mile.

You can also claim the cost of parking, tolls, and personal property taxes paid on your vehicle in addition to the mileage rate.