FINRA's BrokerCheck

2017 standard mileage rates for business, medical, moving and charitable purposes

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)
  • 17 cents per mile driven for medical or moving purposes (down from 19 cents for 2016)
  • 14 cents per mile driven in service of charitable organizations

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.

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