IRS Mileage Rate Going Up in 2015

If you use the optional standard mileage rate when calculating deductible costs of driving your vehicle (vs. actual costs) for business, the rate per mile is going up on January 1, 2015. The new rate will be 57.5 cents per mile vs. 2014’s 56 cents per mile.

Details are at IRS.gov as to the rates and eligibility for this deduction.

With the lower gas prices of late, I’m a bit surprised by the raised rate, especially since the rate actually went down in 2014 (56 cents) from 2013 (56.5 cents). If you’re interested, Gas Buddy shows the average retail price of gasoline over the years.

 

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