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Mileage Rates for 2016

Beginning January 1, 2016, the IRS has provided optional standard mileage rates to be used to calculate the deductible costs of operating an automobile, van, pick-up or panel truck that is used for business, medical or moving purposes, or charity.

  • iStock_000013721464 auto flip54 cents per mile for business miles driven (down 3 cents from 57.5 cents in 2015)
  • 19 cents per mile driven for medical or moving purposes (down 4 cents from 23 cents in 2015)
  • 14 cents per mile driven in service of charitable organizations (no change).

The portion of the business standard mileage rate that is treated as depreciation will be 24 cents per mile for 2016, the same as 2015.

Please contact a Sansiveri tax professional with any questions at 401-331-0500. For a detailed outline of the 2016 IRS announcement (click here).