The Internal Revenue Service (IRS) issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning January 1, 2016, the standard mileage rates for the use of a vehicle will be:
|Mileage Rate||2015 Rate||2016 Rate|
|business miles driven||57.5 cents per mile||54 cents per mile|
|medical or moving purposes||23 cents per mile||19 cents per mile|
|service of charitable organizations||14 cents per mile||14 cents per mile (no change)|
For more information visit the IRS website. Thank you!