The IRS recently issued the 2017 optional standard mileage rates. These are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning Jan. 1, 2017, the standard mileage rates for the use of a car, van, pickup or panel truck will be:
- 53.5 cents per mile for business miles driven (down from 54 cents in 2016).
- 17 cents per mile driven for medical or moving purposes (down from 19 cents in 2016).
- 14 cents per mile driven in service of charitable organizations (unchanged from 2016).
Taxpayers always have the option of calculating the actual costs of using their vehicles rather than using the standard mileage rates.
For more information go to the IRS’ information page.
