Check back on this website for changes that might happen
mid-year to the rate.
Depending on the condition, and whether you have a loan on your vehicle, the mileage deduction for miles driven could be more to your advantage for tax purposes.
You have to look at the alternatives with the Vehicle Depreciation method.
If you have a vehicle that is paid for, cost nothing for an auto payment and only has a low insurance cost, this could be best for you.
The savings get better when you get more MPG, or Miles Per Gallon.
You should be using a mileage log.
Print the free mileage log.
The business mileage rate for 2014 is $0.56 cents per mile.
This price shift every year is caused by the overall cost of running a vehicle and since the cost of gasoline is lower than it was, the mileage rate went down a half of a cent.
In year 2013, the mileage deduction (allowance) rate was different and it was a half of a cent higher than the 2014 rate.
Back in 2012 you saw a 55.5 cents per mile (Fifty-five and a half cents) allowance for business miles that you drove. That is the mileage rate for 2012.
It changes every year and sometimes it will change mid year at the end of June - beginning of July.
See how the mileage rate change in 2011 worked out.