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:
These rates apply to employees, self-employed individuals and other taxpayers. However, taxpayers can always choose to compute the actual costs of operating their vehicles instead of using the standard mileage rates.
Click here to read the full IRS announcement. For more information, contact your Rehmann advisor.