The Internal Revenue Service (IRS) has announced the 2017 standard mileage reimbursement rates. The new rates reflect a decrease in the amount individuals and businesses can claim for operating an automobile for business, medical and moving purposes. The charitable rate remains unchanged.
The new rates are:
- 53.5 cents per mile for business miles driven
- 17 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
For additional information or specifics on how and when to apply the applicable mileage rate expense, read the complete IRS announcement.
Paul Burris is a Shareholder in the LBMC Tax practice. His practice includes a wide variety of clients, from public companies to sole proprietors. Paul can be reached at firstname.lastname@example.org or call 615-309-2348.