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Standard mileage rates for business, increase 1.5 cents per mile for 2015

IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will increase by 1.5¢ to 57.5¢ per mile for business travel after 2014. This rate can also be used by employers to reimburse tax-free under an accountable plan employees who supply their own autos for business use, and to value personal use of certain low-cost employer-provided vehicles.