IRS Lowers Mileage Rates for 2017

The Internal Revenue Service has issued the 2017 optional standard mileage rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning, January 1, 2017, standard mileage rates for the use of an automobile will be:

• 53.5 cents per mile for business miles driven, down from 54 cents for 2016
• 17 cents per mile for medical or moving purposes, down from 19 cents for 2016