By SEMA Washington, D.C., Staff
The Internal Revenue Service (IRS) has set the standard business-mileage deduction for 2014 at $0.56 per mile. The rate is one-half cent lower than in 2013. The mileage calculation includes the cost of fuel along with other vehicle fixed and variable operating expenses, such as depreciation, insurance, tires, etc. Companies and individuals who use their automobiles (including vans, pickups and panel trucks) for business have the option of using the standard rate in lieu of keeping records of their actual expenses.
For details, contact Stuart Gosswein at stuartg@sema.org.