2017 Standard Mileage Rates for Business, Medical and Moving Announced » Mortgage Masters Group

optional standard mileage rates for use of a vehicle will decrease for business, medical, or moving purposes in 2017, the IRS announced on Dec. 13. Advertisement Set annually by the IRS, taxpayers can use the standard mileage rates to calculate the deductible costs of operating an automobile.

2017 Standard Mileage Rates for Business, Medical and Moving Announced December 13, 2016 – IR-2016-169 WASHINGTON The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

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The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

As it does every year, the Internal Revenue Service recently announced the inflation – adjusted 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

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2017 Standard Mileage Rates for Business, Medical and Moving Announced IR-2016-169, Dec.13, 2016 WASHINGTON – The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The standard mileage rate 2017 is 53.5 cents per mile for all miles of business use (business standard mileage rate). The 2017 rate is a dip from the 2016 standard mileage rate of 54 cents per mile. Many factors go into the standard mileage rate, including the cost of gas. That’s likely why there was a decrease between 2016 and 2017.

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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.

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