The IRS has announced the standard mileage rates that may be used in 2016 instead of deducting actual expenses. The new rates, which have decreased or stayed the same, are as follows:
- For business driving, the rate is 54 cents per business mile (it was 57.5 cents in 2015).
- For medical and moving expenses, the rate is 19 cents per mile (it was 23 cents in 2015).
- For charitable travel, the rate is 14 cents per mile (the same as in 2015).
Note that you can add related tolls and parking fees to these flat, IRS-approved rates.
If you have any questions about this, feel free to reach out to any of tax advisors.