Mileage Rates Decrease For 2014

In Accounting & Finances, Business, Taxes on January 13, 2014 by Sufen Wang

Going the Extra Mile on the Job? Now it’s Worth a Little Less: Mileage Rates Decrease For 2014


images2Los Angeles is a city of knotted freeways, frayed nerves, and two hour commute cushions – both ways – to account for traffic. In an area like Southern California, where running a simple errand for the boss can easily be the hardest part of the job, every driving-related cent counts. That’s why it’s big news that the 2014 optional standard mileage rates will be half a penny less than the 2013 rates.


This change in change applies both to business miles driven and for moving or medical purposes. We’re looking at 56 cents/mile for business miles driven and 23.5 cents/mile for medical or moving purposes. The decrease goes hand-in-hand with the drop in average gas prices, so things should ultimately even out in your wallet. Since the 14 cents/mile rate in service of a charitable organization is determined by statute, it will remain the same.


imagesThe keyword here is “optional.” Taxpayers can always choose to calculate the actual costs of using their vehicle rather than using the standard mileage rates. If you break the bank trying to keep your vehicle from breaking down, this might be the way to go. But it’s a lot of work to keep track, so you have to decide if the time you invest in doing this arithmetic is worth it.


The rate change won’t have an effect if you use any depreciation method under the Modified Accelerated Cost Recovery System or after claiming a Section 179 deduction for that vehicle. That’s because you can’t use the business standard mileage rate under those circumstances. Notice 2013-80, the official IRS release, has more on this and other stipulations. Take a look at it so you can navigate the new year with a clear sense of the financial road ahead.

Sufen Wang, M.S.Accountancy
Wang Solutions, Long Beach, CA (562) 856-0793
Editor: Hannah Huff, M.F.A. Creative Writing: Poetry, (626) 806-5805

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