The Internal Revenue Service on Jan. 1, 2015, will raise its business mileage rate to 57.5 cents per mile from 56 cents this year,

it announced this week. Many companies use the rate to calculate reimbursements for employees who use personal vehicles for business. "The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile, including depreciation, insurance, repairs, tires, maintenance, gas and oil," according to IRS.