Language:

Blogging Beyond the Numbers

Slight Drop in 2017 Standard Mileage Rates
Posted by: Mike Scholz 5 months ago

The lower fuel prices we experienced in 2016 means the 2017 business mileage rates are also dropping.

The Internal Revenue Service recently announced the standard mileage rates for 2017 for taxpayers to use in calculating the deductible costs of driving a car for business, charitable, medical or moving purposes.

In Notice 2016-79, the IRS lists the standard mileage rates, effective as of Jan. 1, 2017:

  • Business use: 53.5 cents a mile (down from 54 cents a mile in 2016)
  • Medical use: 17 cents a mile (down from 19 cents a mile in 2016)
  • Moving use: 17 cents a mile (down from 19 cents a mile in 2016)
  • Charitable use: 14 cents a mile (no change)

The standard rates are the simple option for taxpayers to use. The other option is to claim deductions based on the actual costs of using a vehicle. In either case, we remind you that the IRS requires businesses to maintain records/log to prove how far employees drove and when and for what purpose.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *