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IRS REDUCES STANDARD MILEAGE RATES FOR 2014

Posted by Eric R. Soro CPA

Feb 20, 2014 1:27:56 PM

The IRS has announced a one half cent decrease in the standard mileage rates that taxpayers will use for calculating business, medical, and moving expenses in 2014. Use of the standard mileage rate is a popular alternative to using the actual expense method, which requires taxpayers to keep track of specific costs for maintenance, repairs, tires, oil, insurance, etc.

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Topics: tax, irs announcements, 1040, schedule a, travel expenses





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