taxes

Mileage deduction amounts

Taxes » Tax Deductions » Mileage Deduction Amounts

Americans love automobiles. The Internal Revenue Service even shares the national motoring madness by annually adjusting most of the standard mileage rates taxpayers can use to claim certain types of road trips as tax deductions.

The annual adjustments are based on inflation, as well as the IRS' yearly study of the fixed and variable costs of operating a vehicle.

Below are the adjusted per-mile amounts you can claim for different types of tax-deductible travel in 2013, as well as 2014 rates for your planning purposes.

Mileage rate deductions

 BusinessMovingMedicalCharitable
2013 per-mile rates56.5 cents24 cents24 cents14 cents
2014 per-mile rates56 cents23.5 cents23.5 cents14 cents

While the reimbursement rate for business mileage, as well as qualified moving and medical travel, is adjusted annually for inflation, the rate allowed for miles driven in aid of a charity is set by statute at 14 cents per mile. In times of extraordinary disaster, Congress has increased the standard mileage rate for miles driven in connection with a specific charitable cause, as was the case following Hurricane Katrina in 2005. However, such changes are temporary.

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
MORTGAGE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed 4.08%  0.16 4.24%
15 year fixed 3.19%  0.04 3.23%
5/1 ARM 3.36%  0.10 3.46%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.36% --0.00 4.36%
50K FICO-based HELOC 4.06% --0.00 4.06%
100K FICO-based HELOC 3.91% --0.00 3.91%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.79% --0.00 2.79%
48 month used car loan 2.98% --0.00 2.98%
60 month new car loan 3.23% --0.00 3.23%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.94% --0.00 0.94%
2 Year CD 1.13% --0.00 1.13%
5 Year CD 1.76%  0.00 1.76%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.77%  0.06 15.71%
Cash Back Cards 16.48%  0.07 16.41%
Low Interest Cards 10.96%  0.10 10.86%
 
Next
advertisement
DAILY TAX TIP NEWSLETTER

Get expert advice during tax season on tax preparation and tips for cutting your tax bill.

advertisement

Connect with us