It’s not often that we see the price of something go down, but the IRS has determined that it’s now costing us less to operate our cars, and so now we will start getting less to deduct when we use it for business.
Beginning on Jan. 1, 2014, the IRS Vehicle mileage rates for the use of a car (also vans, pickups or panel trucks) will be 56 cents per mile for business miles driven.
The rates decrease one-half cent from the 2013 rates. If you’re reimbursing employees based on the IRS rate, take note of this for the beginning of next year.
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Copyright 2014 by Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, a PASBA member accountant, located in Londonderry, New Hampshire, with more than twenty- five years experience on Federal and New Hampshire issues affecting small business, and specializes in keeping his clients OnTrack with bookkeeping, tax, and payroll services for a fixed monthly fee. Learn more about Steve’s exclusive SIX Step system developed for small businesses at www.appletreebusiness.com/map.