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IRS Sets 2017 Mileage Rates

Posted Wednesday, February 1, 2017 by Jules VanSant.

From PPI Partners FalcoSult LLC

The Internal Revenue Service issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

As of Jan. 1, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:

The business mileage rate decreased half a cent per mile and the medical and moving expense rates each dropped 2 cents per mile from 2016. The charitable rate is set by statute and remains unchanged.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

Source: Hutchinson Leader