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What is the irs mileage rate for 2016?

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IR-2015-137, Dec.17, 2015. WASHINGTON — The Internal Revenue Service today issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. read more

Notice 2016-01 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan. read more

The IRS mileage rates for 2016 apply to miles driven starting January 1, 2016. IRS mileage rates for 2016 reflect a decrease compared with the 2015 rates. The 2016 mileage rates are a 3.5 cent per mile reduction for business miles compared with 2015. read more

The following table summarizes the optional standard mileage rates for employees, self-employed individuals, or other taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. read more

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