2016 Standard Mileage Rates for Business, Medical and Moving Announced
The IRS has released the 2016 optional standard mileage rates to be used by taxpayers to compute deductible costs of operating an automobile for business, medical, moving and charitable purposes. These rates, which are effective January 1, 2016, reflect the recent decrease in the cost of gas.
Business Mileage Rate
The standard mileage rate for business mileage will be 54 cents per mile, decreased by three and a half cents from the 2015 rate.
Medical and Moving Mileage Rate
The standard mileage rate for medical and moving expenses will be 19 cents per mile, decreased by four cents from the 2015 rate.
Charitable Mileage Rate
The standard mileage rate for charitable purposes remains at 14 cents.
The use of these optional mileage rates are subject to specific rules issued by the IRS.
Len Nitti, CPA, MST
Wilkin & Guttenplan, PC
1200 Tices Lane
East Brunswick, NJ 08816