Posted: December 20, 2013
The Internal Revenue Service has issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning January 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.
These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical, or charitable expense are in Rev. Proc. 2010-51. Notice 2013-80 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.
|Events||Education||Member Benefits||About NFDA|
|NFDA Event Calendar
NFDA International Convention & Expo
Asia Funeral and Cemetery Expo & Conference
NFDA Advocacy Summit
NFDA Professional Women's Conference
NFDA Leadership Conference
NFDA Technical Skills Seminar
NFDA Meet the Mentors
CANA & NFDA Cremation Symposium
All Funeral Service Events
Certified Preplanning Consultant Program
Certified Crematory Operator Program
Careers in Funeral Service
Licensing Boards & Requirements
All Member Benefits
NFDA Public Policy Positions
NFDA Executive Board
Governance & Structure
Code of Professional Conduct
Research & Information
Find a Funeral Home