The IR
S has released that the 2017 standard business mileage rate will be decreasing from 54 cents per mile, in 2016, to 53.5 cents per mile. Mileage for medical or moving purposes has also decreased 2 cents from 19 cents per mile, in 2016, to 17 cents per mile in 2017. The mileage rate for charitable driving remains the same at 14 cents per mile.
Standard mileage rate is used to figure the deductible costs of operating your car for business purposes. Mileage accumulated by driving to and from your primary office is excluded from the deduction.
Also, you do not have to use the standard mileage rate, if you are able to deduct your actual car expenses. For more information click here.
