Accounting Today reports that The Internal Revenue Service has issued the 2017 optional standard mileage rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning Jan. 1, 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.
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.