Mileage Allowance for 2014 is announced!

Our friends, the IRSwhite_van-joao-cagound

Have made the announcement for the 2014 Mileage Allowance Rates and here is some information about the rates for all three categories!

Mileage Rate for Business

The mileage rate for business miles driven by appropriate folks in they year 2014 has gone down!
Really?
Yes, really it has gone down a half of a cent from the year 2013 to $0.56 from last years $0.56 1/2!

So if you are a self reliant sole proprietor you can use the mileage rate on your car under these circumstances of course.

What are the “circumstances? They are a bit complex at first but not a real problem after you read them. You have to follow the rules to use the mileage allowance as a deduction.

What about the other two rates?

The other two categories are the MedicalĀ  / Moving Mileage and the last one is theĀ  wonderful but under paid Charity Mileage allowance. Follow those links for a lot of great information about the rates as far as money per mile is concerned and the details that are somewhat important.

Mileage Log

The free printable mileage log is a wonderful tool to use as the IRS wants you to log the miles as they are driven and not at the end of the year from some sort of fuzzy recall.

Have a great year 2014 and don’t forget to log your miles after you rtrip every time so as to be sure of what you are driving and for what purpose.

Share and Enjoy