If you are claiming deductions for vehicle depreciation, then the standard mileage rate must be reduced by the depreciation component (23 cents per mile for 2010). Actual Car Costs: The option of calculating the actual cost of using your vehicle rather than using the standard mileage rates remains.he standard tax deductible mileage rates were adjusted by the IRS for the second half of 2011 (from July 1 to December 31) . These mileage rates are: 1  55.5 cents per mile driven for business purposes. 2  23.5 cents per mile driven for medical or moving purposes.
http://www.efile.com/tax-deduction/mileage-rates/
For example, the depreciation component of the business standard mileage rate for 2015 will be 24 cents-per-mile, a two-cent increase from the 22-cents-per-mile rate that was effective for 2014.he taxpayer using the standard mileage rate need only keep a log of his or her business miles. To calculate the deduction, the taxpayer will multiply the standard mileage rate by the number of business miles traveled.
http://www.kfmr.com/what-is-the-business-standard-mileage-rate-for-2015
For example, the depreciation component of the business standard mileage rate for 2015 will be 24 cents-per-mile, a two-cent increase from the 22-cents-per-mile rate that was effective for 2014.he business standard mileage rate increased by one and a half cents, to 57.5 cents (up from 56 cents for 2014). The 2015 standard mileage rate for medical and moving expenses decreased slightly to 23 cents (down from 23.5 cents for 2014).
http://dwdcpa.com/blog/business-standard-mileage-rate-for-2015/
For automobiles a taxpayer uses for business purposes, the portion of the. business standard mileage rate treated as depreciation is 21 cents per mile for 2009, 23 cents per mile for 2010, 22 cents per mile for 2011, 23 cents per mile for 2012, and.his notice also provides the amount taxpayers must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that may be used in computing the allowance under a fixed and variable rate (FAVR) plan. SECTION 2. BACKGROUND Rev. Proc.
https://www.irs.gov/pub/irs-drop/n-12-72.pdf
You cannot use the standard mileage rates if you claim vehicle depreciation. 2014 Tax Year Standard Deductible Mileage Rates from Jan. 1, 2014- Dec.31, 2014 ATTENTION: Use the rates below for your 2014 Tax Return, which is due April 15, 2015.he standard tax deductible mileage rates were adjusted by the IRS for the second half of 2011 (from July 1 to December 31) . These mileage rates are: 1  55.5 cents per mile driven for business purposes. 2  23.5 cents per mile driven for medical or moving purposes.
http://www.efile.com/tax-deduction/mileage-rates/
Optional standard mileage rates for use of a vehicle will change a little for 2015, the IRS announced on Wednesday, with the business use rate going up and the medical and moving rate going down (Notice 2014-79).or purposes of computing the allowance under a fixed and variable rate (FAVR) plan, the maximum standard automobile cost for 2015 is $28,200 for automobiles (not including trucks and vans) and $30,800 for trucks and vans, with no change for automobiles but an increase of $400 for trucks and vans, from 2014.
http://www.journalofaccountancy.com/news/2014/dec/irs-standard-mileage-rates-2015-201411494.html
Part III-Administrative, Procedural, and Miscellaneous 2012 Standard Mileage Rates Notice 2012-1 SECTION 1. PURPOSE This notice provides the 2012 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes.his notice also provides the amount taxpayers must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that may be used in computing the allowance under a fixed and variable rate (FAVR) plan.
https://www.irs.gov/pub/irs-drop/n-12-01.pdf
The standard mileage rate includes an amount for depreciation and reduces the adjusted basis of the vehicle when you decide to sell or otherwise dispose of it. In the example above, it works out this way: 2014 Standard Mileage Deduction: 16,202 miles x 56 cents per mile = $9,0734.he standard mileage rate includes an amount for depreciation and reduces the adjusted basis of the vehicle when you decide to sell or otherwise dispose of it. In the example above, it works out this way: 2014 Standard Mileage Deduction: 16,202 miles x 56 cents per mile = $9,0734.
https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Business-Use-of-Vehicles/INF12071.html
The standard mileage rates for the use of a car, van, pickup, or panel truck: 1  55 cents per mile for business miles driven. 2  24 cents per mile driven for medical or moving purposes. 3  14 cents per mile driven in service of charitable organizations.he standard tax deductible mileage rates were adjusted by the IRS for the second half of 2011 (from July 1 to December 31) . These mileage rates are: 1  55.5 cents per mile driven for business purposes. 2  23.5 cents per mile driven for medical or moving purposes.
http://www.efile.com/tax-deduction/mileage-rates/
The IRS has announced increases in the optional business standard mileage reimbursement rate for 2015. The business standard mileage rate increased by one and a half cents, to 57.5 cents (up from 56 cents for 2014).The 2015 standard mileage rate for medical and moving expenses decreased slightly to 23 cents (down from 23.5 cents for 2014).The charitable mileage rate, however, is set by statute at a flat 14 cents per mile without inflation adjustment each year.he business standard mileage rate increased by one and a half cents, to 57.5 cents (up from 56 cents for 2014). The 2015 standard mileage rate for medical and moving expenses decreased slightly to 23 cents (down from 23.5 cents for 2014).
http://dwdcpa.com/blog/business-standard-mileage-rate-for-2015/
depreciation component of standard mileage rate
The standard mileage rate of depreciation component is the business standard mileage rate increased by one and a half cents, to 57.5 cents. The business standard mileage rate increased by one and a half cents, to 57.5 cents for 2014 and the 2015 standard mileage rate for medical and moving expenses decreased slightly to 23 cents.