Farmington Hills, MI (PRWEB) December 17, 2013
On December 6, the IRS issued Notice 2013-80 updating the optional standard mileage rates for business, medical, moving and charitable expenses. Beginning on January 1, 2014, the standard mileage rates for the use of a vehicle will be:
- 56 cents per mile for business miles drive (a half-cent decrease from 2013)
- 23.5 cents per mile for medical or moving purposes (a half-cent decrease from 2013)
- 14 cents per mile driven in service of charitable organizations (unchanged from 2013)
Taxpayers retain the option of deducting their actual costs, rather than selecting the IRS standard mileage rate. The optional standard mileage rates are used to easily calculate the deductible expenses for business, medical, moving and charitable purposes.
As noted above, these updated rates go into effect at the beginning of 2014. If necessary, based on the changing variable costs to operate a vehicle, the IRS may issue updated rates in the middle of the year as they did in 2011.
For more information or questions on this topic, please contact your professional at UHY LLP in Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040 or visit us on the web at http://www.uhy-us.com.
About UHY Advisors
UHY Advisors provides tax and consulting services to a variety of sectors. UHY LLP, a licensed CPA firm, provides audit and other attest services to public and private companies. UHY Advisors FLVS provides forensic, valuation, intellectual property, electronic discovery and international arbitration services to law firms and their clients. Many of these services grew from client business needs and their requests for assistance in a variety of areas of expertise.
UHY Advisors, operating in an alternative practice structure with UHY LLP, forms one of the largest professional services firms in the US. While that scale might provide confidence for some clients, others tell us our greatest value is the way we bring these resources to bear to help address today’s evolving business challenges. It’s a philosophy we call “The Next Level of Service”. To learn more visit http://www.uhy-us.com.
All of the above entities are members of UHY International, a global network of independent professional services firms that provide audit, tax and consulting services around the world. UHY International member firms comprise one of the top international accounting networks in the world. As a member firm, we provide our clients with resources in business centers strategically located around the globe. We are an active member in this organization with significant participation that brings the power of an international network to bear for our clients.
UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors.” UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY LLP and UHY Advisors, Inc. are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.