Lower Standard Mileage Rates in 2017
For the second straight year, the Internal Revenue Service (“IRS”) has lowered the standard mileage rates for vehicles used for business purposes. The IRS announced that the 2017 rate will decrease 0.5 cents to 53.5 cents per mile. Also dropping is the mileage rate for medical or moving purposes; the rate next year will be 17 cents per mile (19 cents in 2016). More on the 2017 standard mileage rates is available on the Journal of Accountancy website.