IRS Mileage Rates 2014

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IRS mileage rates 2014

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Last year, the Internal Revenue Service reduced its Standard Mileage Deduction. Since in the eyes of the IRS it now costs LESS to operate an automobile, on Jan. 1, 2014, the standard mileage rates for the use of a car, vans, pickups or panel truck became 56 cents per mile for each business mile driven.

The rates only decreased one-half cent from the 2013 rates, but it adds up for many businesses with large mobile sales and servicing teams. If you’re reimbursing mileage based on the IRS rate, you may want to adjust this ahead of next year.

The optional standard tax deductible IRS mileage rates for the use of your car, van, pickup truck, or panel truck during 2013 were:

 – 56.5 cents per mile driven for business purposes
– 24 cents per mile driven for medical or moving purposes
– 14 cents per mile driven in service of charitable organizations

Additional Vehicle Use Deductions:

In addition to the standard mileage rates, you may deduct the costs of tolls and parking while using your vehicle for one of the approved purposes. These are separate deductions. However, if you have claimed vehicle depreciation, you may not deduct tolls and parking fees.

Standard Mileage Rate Restrictions: The standard mileage rates may not be used for vehicles used as equipment, or for more than four vehicles used simultaneously. You cannot use the standard mileage rates if you claim vehicle depreciation.

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At AcctVantage, we’ve configured a ‘quick start’ option that we call AcctVantage Drive. During the sales process, we will help you determine if AcctVantage Drive is right for you. If it is, we can have a full featured ERP system – with all of the same features as the full implementation – on board and ready for use in no time. The idea is very simple: we have taken our 25+ years of successful implementation experience and configured a ‘standard’ implementation package with pre-configured set of options. The difference between AV Drive and any other ‘light version’ ERP is that you still have the option to do a full implementation process review over time while you are using the system live for daily use.

Call or contact us and ask to speak with an implementer to get a better idea of exactly how this works, what’s included and if Drive is for you.