2017 Milage Rates Released
Notice 2016-01 provides the optional 2017 standard milage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The 2016 Milage rates are as follows:
- The standard rate for business travel is 535 cents per mile.
- The standard rate for charitable purposes is 14 cents per mile.
- The standard rate for medical care or a deductible moving expense is 17 cents per mile.
The depreciation factor for automobiles used for business is 24 cents per mile for 2017.