Thursday, December 17, 2015

IRS Announces 2016 Standard Mileage Rates

The IRS announced today the Standard Mileage Rates for 2016. They are:
  • Business Mileage:  $ .54/mile
    • down from 2015’s $ .575
  • Medical & Moving Mileage:  $ .19/mile
    • down from 2015’s $ .23
  • Charitable Mileage:  $ .14/mile
    • unchanged for more than a decade
Of the three categories, only the charitable mileage rate requires an act of the US Congress to change!

Happy motoring!