Mileage rates used to calculate the deductible costs of operating an automobile for business, medical or moving purposes has been revealed for 2017 by the IRS.
Starting on January 1, 2017 the standard rate will be:
- 53.5 Cents per mile for business miles driven
- 17 cents per mile for for medical or moving expenses
The rates has decreased compared to prior year and taxpayers always have the option to elect to deduct the actual cost of using their vehicle rather than using the standard mileage rates.