Standard Mileage Rates for 2017 are Announced

The IRS has announced the 2017 optional standard mileage rate reimbursements for business use of a vehicle. Taxpayers may use these optional standard mileage rates to calculate the deductible costs of operating an automobile.

For business use of a car, van pickup truck, or panel truck, the rate for 2017 will be 53.5 cents per mile. Driving for medical or moving purposes may be deducted at 17 cents per mile. The portion of the business standard mileage rate that is treated as depreciation will be 25 cents per mile for 2017. The rate for service to a charitable organization remains unchanged at 14 cents per mile.