Uncle Sam will be slightly less accommodating with business mileage deductions in 2014 than in the last tax year.
Beginning Jan. 1, the IRS reset its standard mileage rates for the use of a car (including vans, pickups or panel trucks) to:
- – 56 cents per mile for business miles driven.
- – 23.5 cents per mile driven for medical or moving purposes.
They amount to a minor — one-half cent — reduction from 2013’s rates. The IRS adjusts those mileage rates annually.
The deduction for driving for charitable work remains at 14 cents a mile this tax year under federal law.