IRS Mileage Rates for 2017

Type:  General 

IRS Mileage Rates for 2017

 

The IRS has released the mileage rates for 2017.  Beginning on January 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 

 

* 53.5 cents per mile for business miles driven, down from 54 cents for 2016
* 17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016

* 14 cents per mile driven in service of charitable organizations, unchanged from last year  


FYI..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.

 

Any questions, please contact Lauren Brenner at 617-614-1271 or lbrenner@telamonins.com.