On December 13, 2016, the IRS announced the Standard Mileage Rates for 2017. Business mileage and Medical/Moving rates both decreased while Charitable mileage remained the same (this can only be changed by statute).
Here are the rates per mile for 2017:
Business Miles 53.5 cents
Medical/Moving Miles 17 cents
Charitable Miles 14 cents
Remember that the Standard Mileage Rate can not be used if you’re previously claimed Section 179 Depreciation or used MACRS depreciation on the vehicle. Also, a business can not use the Standard Mileage Rate for more than four vehicles at once.
Thoughts or questions? Please let me know using the form below.
Thomas C. Hodge
Hodge Group LLC
3943 N. Austin Avenue
Chicago, IL 60634
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