As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (or a van, pickup.
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The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. source: 2017 standard mileage rates for Business, Medical and Moving Announced
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The standard mileage rate 2017 is 53.5 cents per mile for all miles of business use (business standard mileage rate). The 2017 rate is a dip from the 2016 standard mileage rate of 54 cents per mile. Many factors go into the standard mileage rate, including the cost of gas.
Standard Mileage Rates for 2018 Up from Rates for 2017. IR-2017-204, Dec. 14, 2017. WASHINGTON The Internal Revenue Service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
The optional standard mileage rates for business use of a vehicle will drop slightly in 2017, the second consecutive annual decline, the IRS announced Thursday (Notice 2016-79).For business use of a car, van, pickup truck, or panel truck, the rate for 2017 will be 53.5 cents per mile, down from 54 cents per mile in 2016.
The standard deduction for that group is midway between individuals and married couples. Nearly doubles individual standard deduction to $24,400 for married couples and $12,200 for singles in.
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In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously. These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical or charitable expense may be found in Rev. Proc. 2010-5.
Standard Mileage Rates Decrease in 2017 for Business, Medical, and Moving Purposes (Parker Tax Publishing December 2016) The IRS issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.