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Standard Mileage Rates Up 1 Cent Per Mile in 2015

December 15, 2014

The IRS has updated its mileage rates for 2015. The standard rates are 57.5 cents for business use of an automobile, 14 cents for use of an automobile as a charitable contribution, and 23 cents for use of an automobile as a medical or moving expense. 

 

A taxpayer may not use the business standard mileage rate for a vehicle after claiming accelerated depreciation, including the Section 179 expense deduction, on that vehicle. Likewise, the standard rate is not available to fleet owners (more than four vehicles used simultaneously).

 

Note also that tax filers must choose the mileage rate or itemized expenses for the use of a vehicle, not both.

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