The Internal Revenue Service On December 17, 2915 issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 54 cents per mile for business miles driven, down from 57.5 cents for 2015.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
New for 2016 …. IRS Says It Costs
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