On December 10, 2014 the IRS issued Notice 2014-79 updating optional standard mileage rates for business, charitable, medical or moving purposes. Beginning January 1, 2015 the standard mileage rates for the use of a car, van, pickup or panel truck are as follows:
Taxpayers have the option to deduct the actual costs of using their vehicle, rather than the IRS standard mileage rates.
Taxpayers may not use the business standard mileage rate for a vehicle after claiming accelerated depreciation on that vehicle. The standard rate is not available to fleet owners (more than four vehicles used simultaneously). For more information, please contact your local UHY LLP professional.