2016 Standard Mileage Rate Announced by IRS

2016 Standard Mileage Rate Announced by IRS

Earlier this week the IRS announced the 2016 standard mileage rates used to calculate the cost of operating a motor vehicle for business, charitable, medical, or moving purposes. Starting January 1, 2016, the standard mileage rates are as follows:

54 cents per mile for business miles driven;

19 cents per mile driven for medical or moving purposes; and,

14 cents per mile driven in service for charitable organizations.