Standard Mileage Rates for 2017 Announced

by Cory Hazy 4. January 2017 13:23

The IRS recently announced new optional standard mileage rates for 2017. The business rate has dropped again to 53.5 cents per mile, marking the second consecutive annual decline for that particular usage. Driving for medical or moving purposes is deductible at 17 cents per mile, a drop of two cents from 2016. The mileage rate for charitable organizations is 14 cents a mile, which has been fixed since 1997.

This marks the fifth year in the last 16 that the rate for business mileage has dropped instead of risen. For further details, please visit the IRS Website.

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