Happy holidays! I am so excited about Christmas! I don't like the snow and ice on the roads, but I love the season. My wish is for each and everyone of you to have a safe and happy holiday season with family and friends.
Our goal is to keep you informed and help you maintain compliance. The IRS announced the 2017 standard mileage rates. Please read below.
As always, call me at (877) 356-6175 for any questions or assistance with HR issues. Have a fantastic week!
Vanessa G. Nelson
IRS Announces 2017 Standard Mileage Rates
Optional Standard Mileage Rates Announced for 2017
The Internal Revenue Service (IRS) has issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
2017 Standard Mileage Rates
Beginning on January 1, 2017, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be:
53.5 cents per mile for business miles driven (down from 54 cents for 2016)
17 cents per mile driven for medical or moving purposes (down from 19 cents for 2016)
14 cents per mile driven in service of charitable organizations (unchanged from 2016)
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs. The charitable rate is based on statute. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.