The standard mileage rate will increase in 2015 to 57.5 cents/mile (up from 56 cent/mile in 2014). Medical and charitable mileage rates remain unchanged for 2015. Be sure to track your business miles to take full advantage of the reimbursement rate. This reimbursement is tax-free if appropriate documentation is maintained. If your employer reimburses at a lower rate, you can deduct the difference between the IRS standard mileage rate and your employer reimbursement as an employee business expense if you itemize deductions on Schedule A of your tax return.
December 24, 2014