IRS Releases New Standard Mileage Rates for 2015

twl_2014_dec_blog5Despite lower gas prices nationwide, the IRS announced this week that it will increase the standard mileage rates for motorists who use their vehicles for business purposes. Effective January 1, the new rate will be 57.5 cents, up from this year’s 56 cents.  In contrast, the IRS will reduce the standard mileage rate for miles driven for medical and moving purposes by half a cent. The standard rate for miles driven in service to charitable organizations will remain the same at 14 cents. According to the IRS, the business rate is increasing because it takes into account maintenance, repair, insurance and other vehicle expenses.

To learn more about the 2015 rates, read here.