IRS Announces 2015 Standard Mileage Rates

miles

The IRS has announced the optional 2015 standard mileage rates for use in computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes.

Effective January 1, 2015, the standard mileage rates are as follows:

  • Business use of auto: 57.5 cents per mile may be deducted if an auto is used for business purposes
  • Charitable use of auto: 14 cents per mile may be deducted if an auto is used to provide services to a charitable organization
  • Medical use of auto: 23 cents per mile may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons)
  • Moving expense deduction: 23 cents per mile may be deducted if an auto is used to effect a work-related move to a new home

You can read IRS Notice 2014-79 here.

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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.

The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal advisor.

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