By Mary Ellen Schill
May 19, 2014
This afternoon the IRS issued the standard mileage rates for determining the deductible cost for operating automobiles for various purposes (business, medical, charitable) for 2014. Specifics can be found here. Clearly the IRS has noticed the decline in the cost of gasoline at the pump, as the mileage rates for business and medical purposes have decreased slightly from 2013 (a half-cent decrease for business mileage to 56 cents per mile).
The IRS’s annual announcement of the standard mileage rate is a reminder that while employers are not required to reimburse employees for business travel expenses, many do, and when doing so any reimbursement above the IRS rate is taxable compensation.
So, fill ‘er up!
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