Optional standard mileage rates for use of a vehicle will decrease for business, medical, or moving purposes in 2017, the IRS announced on Dec. 13. Set annually by the IRS, taxpayers can use the standard mileage rates to calculate the deductible costs of operating an automobile.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
The IRS has announced 2017 optional standard mileage rates for calculating deductible costs of using automobiles (cars, vans and pick-up or panel trucks) in business, medical, moving and charitable capacities. Effective January 1, 2017, these rates will be set to: 53.5 cents per mile for business miles driven (down from 54 cents for 2016)
For tax year 2017, you can deduct 53.5 cents per mile you drive for work. This is known as standard mileage rate, and the IRS can change this rate annually. You may apply this rate for up to four cars at the same time, but not for any equipment you need to drive for work, such as a tractor or snowplow.
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Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017. 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.
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Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (or a van, pickup or panel truck) are: 53.5 cents per mile for business miles driven (including a 25-cent-per-mile allocation for depreciation). This is down from 54.0 cents in 2016; 17 cents per mile driven for medical or moving purposes.
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