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Before the New Year the IRS issued Notice IR 2015-137, updating optional standard mileage rates for business, charitable, medical or moving purposes. As of Jan. 1, 2016 the standard mileage rates for the use of a car, van, pickup or panel truck are as follows:
  • 54 cents per mile for business miles driven (down from 57.5 cents for 2015)
  • 19 cents per mile driven for medical or moving purposes (a four cent decrease from 2015)
  • 14 cents per mile driven in service of charitable organizations (remains unchanged from 2015)

  • Taxpayers have the option to deduct the actual costs of using their vehicle, rather than the IRS standard mileage rates.
    Taxpayers may not use the business standard mileage rate for a vehicle after using any depreciation method under MACRS or after claiming a Section 179 deduction for that vehicle. The standard rate cannot be used for more than four vehicles used simultaneously.