E-News

IRS lowers standard mileage rates for 2016

The IRS announced on December 17, 2015 that standard mileage rates for the business use of vehicles will be lowered for 2016 in Notice 2016-1.

The new standard mileage rates for the business use of vehicles will change from $.575 in 2015 to $.54 in 2016.

Medical and moving mileage deduction for 2016 will be calculated at a rate of $.19 per mile, down from $.23 in 2015.

The charitable mileage rate will remain unchanged at $.14 per mile for 2016.

Information from www.irs.gov/uac/Newsroom

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