IRS Announces Standard Mileage Rate for 2017

The Internal Revenue Service announced the 2017 optional standard mileage rate for calculating the deductible costs of operating an automobile for business purposes.

The Internal Revenue Service announced the 2017 optional standard mileage rate for calculating the deductible costs of operating an automobile for business purposes. Starting January 1, 2017, the standard mileage rate for the business use of a car, van, pickup, or panel truck is 53.5 cents per mile for business miles driven, down from 54 cents in 2016.

The IRS also announced the 2017 standard mileage rate for vehicles driven for medical or moving purposes (17 cents per mile) and for vehicles driven for charitable purposes (14 cents per mile).

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