Insights: Article

2017 IRS Mileage Rates

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
Business 53.5 cents
Charity 14 cents
Medical 17 cents
Moving 17 cents

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

Latest Insights

June 20, 2018
Article
While cash management can be easy, there are a few key details that some organizations need to remember to avoid findings that could have otherwise been easily prevented.
June 15, 2018
Recorded Webinar
Congress has passed the largest and most comprehensive tax reform legislation in the past 30 years and businesses and dealerships are trying to figure out the tax implications and what this means for them in their current situation and moving forward.
June 15, 2018
Video
Learn more about the basics of cost segregation and whether your recent building purchase, renovation or new construction could reduce your taxes and increase cash flow.
June 14, 2018
Article
It is not to say that well run companies do not get breached, but all indicators lead to the conclusion that if certain things are done from the top down, the effects and cost of defending your company against data breaches, and recovering from a breach…
June 14, 2018
Article
All deals are unique in the world of transactions but unique does not have to equate to surprises on either side.
June 12, 2018
Article
As taxpayers work closely with their tax advisers to develop tax projections and planning strategies, state income taxes take on greater importance than in the past - in addition, some states’ legislatures will not be taking up the issue of federal…