IRS Releases 2017 Standard Mileage Rates

January 2, 2017

Employee Benefit & HR News

The Internal Revenue Service (IRS) released IR-2016-169 on December 13th providing the 2017 optional standard mileage rates. Beginning on January 1, 2017 the standard rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 53.5 cents per mile for business miles drive;
  • 17 cents per mile for medical or moving purposes;
  • 14 cents per mile in service of charitable organizations.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

Per http://www.irs.gov these and other requirements are described in Rev. Proc. 2010-51. Notice 2016-79, posted today on IRS.gov, contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.

Linkedin Facebook Twitter Email

About Christopher Johnson

Christopher manages the consulting services department of J.W.Terrill providing regulatory, analytical, technical and wellness support to clients.

View all posts by Christopher Johnson

No comments yet.

Leave a Reply

Time limit is exhausted. Please reload the CAPTCHA.