2017 Standard Mileage Rates for Business, Medical and Moving Announced » Mortgage Masters Group

The business mileage rate decreased half a cent per mile and the medical and moving expense rates each dropped 2 cents per mile from 2016. The charitable rate is set by statute and remains unchanged. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile.

 · Car & Truck Expenses – You can deduct actual costs for operating your car or truck in your business, or you can take the standard mileage rate ($0.50/mile in 2010). If you choose to take the standard mileage right (and you’re eligible to do that), then the only thing you’ll include here are your parking fees and tolls.

Optional standard mileage rates for use of a vehicle will decrease for business, medical, or moving purposes in 2017, the IRS announced on Dec. 13. Advertisement Set annually by the IRS, taxpayers can use the standard mileage rates to calculate the deductible costs of operating an automobile.

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Standard Mileage Rates for 2018 Up from Rates for 2017. IR-2017-204, Dec. 14, 2017. WASHINGTON The internal revenue service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

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The standard mileage rate for 2017 was recently announced by the IRS, advising taxpayers of the optional cents per mile reimbursement rate for the year.. The IRS also determined 17 cents per mile rate for medical or moving purposes and 14 cents per mile rate for travel related to charitable.