Decrease In Standard Mileage Rates for 2016
Likely due to the recent decrease in fuel costs, the IRS announced the lower 2016 standard mileage rates for business use of cars, pickups, vans and panel trucks. The 2016 rate falls $.035 to $.54 per mile from the 2015 rate of $.575 per mile.
The 2016 mileage rate for medical and moving deductions is $.19 per mile, down $.04 from 2015’s rate of $.23 per mile.
The IRS Notice announcing these rates can be found here.
