IRS Increases Standard Mileage Rates for 2015

In early December, the Internal Revenue Service released the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning January 1, 2015, the new rates will be:

• 5 cents per mile for business miles driven, up from 56 cents in 2014
• 23 cents per mile driven for medical or moving purposes, down half a cent from 2014
• 14 cents per mile driven in service of charitable organizations

For more information on the mileage rates, please click here.

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