Did you know 2014 standard mileage rates have changed?

In December 2013, the IRS issued the 2014 optional standard mileage rates used to calculate the deductible expenses of operating a vehicle. The deduction varies based on use for business, medical, moving, or charitable purposes.

Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (including vans, pickups, or panel trucks) will be:

• 56 cents per mile for business miles driven
• 23.5 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

So what's changed? You'll notice there is a one-half cent decrease in business, medical, and moving expense rates. The charitable rate remains the same.

Find out more about 2014 Standard Mileage Rates at the IRS website here.