Have you noticed the price of gas? So has the IRS – and the reimbursement rate for business mileage has gone down as a result.
The new rate for 2017 is 53.5¢ per mile, down from the 2016 rate of 54¢ per mile.
The rate for medical and moving mileage also decreased. Effective January 1, the standard rate is 17¢ per mile, down from last year’s 19¢. The charitable mileage rate remains 14¢.
This is general information and should not be acted upon without first determining its application to your specific situation.
Please contact your CPA or tax advisor for additional details.
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