NEWS

On December 14, 2016, the Internal Revenue Service announced standard mileage rates for the 2017 tax year (January 1, 2017 – December 31, 2017). These represent the standard rates to be used by taxpayers in calculating the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. In Notice 2016-79, the IRS lists the standard mileage rates, effective as of January 1, 2017, as follows:

Business Standard Mileage Rate: 53.5 cents per mile, down from 54 cents per mile in 2016

Medical Care Use Mileage Rate: 17 cents per mile, down from 19 cents per mile in 2016

Moving Use Mileage Rate: 17 cents per mile, down from 19 cents per mile in 2016

Charitable Use Mileage Rate: 14 cents per mile