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IRS announces standard mileage rates for the year 2015

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    IRS announces standard mileage rates for the year 2015

    On December 10, 2014, the IRS announced the SMRs for the year 2015. The standard mileage rates for the use of a car, van, pickup or panel truck will be:

    » 57.5 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 (unchanged from 2014)

    The first two SMRs above are subject to (and usually do) change each year based on the nationwide average costs of owning and operating a vehicle. The charitable rate is fixed by law and changes only when Congress changes it.
    Roland Slugg
    "I do what I can."

    #2
    Hmmmm

    Looks like there is a war on deductible medical expenses. That sounds about right.
    If you loan someone $20 and never see them again, it was probably worth it.

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      #3
      We know how fast Congress moves. So, don't expect the rate for charity to change any time soon, or ever.

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        #4
        Originally posted by Roland Slugg View Post
        The first two SMRs above are subject to (and usually do) change each year based on the nationwide average costs of owning and operating a vehicle. The charitable rate is fixed by law and changes only when Congress changes it.
        I did not realize that. What was the reasoning behind not indexing?

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          #5
          Originally posted by Burke View Post
          I did not realize that. What was the reasoning behind not indexing?
          You probably need to ask your congressman/woman about that.

          IRC §170
          (i) Standard mileage rate for use of passenger automobile
          For purposes of computing the deduction under this section for use of a passenger automobile, the standard mileage rate shall be 14 cents per mile.

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            #6
            Originally posted by RitaB View Post
            Looks like there is a war on deductible medical expenses. That sounds about right.
            Yeah, I guess the first volley over the bow was the floor increase to 10%. Little by little, they are wearing away at it.... Only my elderlies seem to be able to deduct anything now anyway. Especially since a lot of the insurance became a pre-tax benefit.

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