December 15, 2016
The Internal Revenue Service has released Notice 2016-169 announcing the 2017 standard mileage rates. The following rates are effective for mileage incurred after Dec. 31, 2016:
|Type of Auto Use||Standard Mileage Rate|
Taxpayers always have the option of claiming deductions based on the actual costs of using a vehicle rather than the standard mileage rates.
A taxpayer may not use the business standard mileage rate for a vehicle after claiming accelerated depreciation, including the Section 179 expense deduction, on that vehicle. Likewise, the standard rate is not available to fleet owners (more than four vehicles used simultaneously).
Click here to read the IRS Notice