Decrease in Standard Mileage Rates for 2017BondBeebe
Post by Camille Smith
The IRS has announced the standard mileage rates for 2017. The rates, which are reviewed annually, have decreased from the 2016 amounts. Effective January 1, 2017, the rates are 53.5 cents per mile for business purposes and 17 cents per mile for medical or moving purposes.
|Standard Mileage Rates||2017||2016|
|Business Miles||53.5 cents/mile||54 cents/mile|
|Medical or Moving Miles||17 cents/mile||19 cents/mile|
The standard mileage rate for charitable service miles remains at 14 cents per mile, as the rate is set by law. More information about the rates and the limitations that may apply can be found in Notice 2016-79.