IRS to lower biz mileage rate in 2014

The Internal Revenue Service (IRS) on Jan. 1 will lower its mileage rate for business use of personal cars by one half-cent to 56 cents per mile.

Many companies use the rate to calculate reimbursements for employees who use personal vehicles for business, though the IRS noted that "taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates."

The IRS adjusts the rate annually based on analysis "of the fixed and variable costs of operating an automobile."

Source: Business Travel News 
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