​Standard Mileage Rates Go Down for 2017

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.