The IRS this week issued the 2015 optional standard mileage rates used to calculate tax deductions for operating a vehicle for business, charitable, medical or moving purposes.
Beginning on Jan. 1, the standard mileage rates will be 57.5 cents per mile for using a vehicle for business purposes, up from 56 cents in 2014. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile.
Mileage rates for using a vehicle for medical or moving purposes will be 23 cents per mile, and the rates for miles driven in service of charitable organizations will be 14 cents per mile.
Taxpayers always have the option of claiming deductions based on the actual costs of operating their vehicle rather than the standard mileage rates.
***