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The following table summarizes the optional standard mileage rates for employees, self-employed individuals, or other taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes.
The IRS mileage rates for 2016 apply to miles driven starting January 1, 2016. IRS mileage rates for 2016 reflect a decrease compared with the 2015 rates. The 2016 mileage rates are a 3.5 cent per mile reduction for business miles compared with 2015. Rates dropped 4 cents per mile for medical and moving purposes.
Click to view current & historical IRS Mileage Reimbursement Rates for the years 2000 thru 2019. Be careful: Google often displays outdated/inaccurate info! The rates on this web page have been manually verified by the site administrator.
Under current IRS rules, you can deduct a certain amount in mileage rates if you are using your vehicle for business reasons. Every year, the IRS publishes a list of the current standard mileage rates and the amount you can deduct on your taxes.. Let’s look at the standard mileage reimbursement rate and the types of mileage that are tax-deductible.
IRS Mileage Reimbursement Rate 2016 by Ouail El Gharniti · February 12, 2016 At the end of each year the taxman works hard to come up with a shiny new and updated mileage reimbursement rate that will apply the following year.
Recent Changes to the IRS Rate. The inaccuracy of the IRS mileage rate has never been as conspicuous as it was in 2015, when the IRS raised the mileage rate to 57.5 cents per mile as gas prices fell to 5-year lows. The 2015 rate was the second highest in history behind a peak of 58.5 cents per mile in 2008.