IRS Announces Standard Mileage Rate For 2016 (Effective Jan 1, 2016)

The Internal Revenue Service announced the 2016 optional standard mileage rate for calculating the deductible costs of operating an automobile for business purposes. Starting January 1, 2016, the standard mileage rate for the business use of a car, van, pickup, or panel truck is 54 cents per mile for business miles driven, down from 57.5 cents in 2015.

The IRS also announced the 2016 standard mileage rate for vehicles driven for medical or moving purposes (19 cents per mile) and for vehicles driven for charitable purposes (14 cents per mile).

See the IRS website (www.irs.gov) for more information.

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