Standard Mileage Rates

News & Analysis as of

Not So Fast: Employers Must Reimburse for Miles and Other Business Expenses Incurred By Employees

From parachuting into a remote location in Azerbaijan to jumping skyscrapers in Abu Dhabi to drone dodging in the streets of Los Angeles, the latest Fast and Furious movie was captivating from start to end. Who doesn’t want...more

Don’t Put Away Those Party Supplies Just Yet: The New IRS Mileage Rates Are Here!

For the first time in human history, or at least a very long time, the mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes have declined....more

End of 2014 Tax Law Changes

ABLE Accounts: A new law titled “Achieving a Better Life Experience” (ABLE) allows the establishment of tax-free accounts that can be used to save for disability-related expenses. ABLE accounts can be created by individuals...more

IRS Announces New Standard Mileage Rates

For those who are frequently on the road for work, the costs of operating and maintaining a vehicle can represent a substantial business expense. In computing the deductible costs of operating a vehicle for business, a...more

New Mileage Rates for 2015

Oil prices may be going down, but reimbursement rates are going up. On January 1, 2015, the IRS standard mileage deduction rate increased from 56¢ to 57.5¢ per mile for business miles driven. ...more

2015 Standard Mileage Rates

The IRS has issued the “optional standard mileage rates” for 2015 used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. (IR-2014-114, Dec. 10, 2014)...more

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