Standard Mileage Rates have decreased for 2016!!

Standard Mileage Rates have decreased for 2016!!

Standard Mileage Rates have decreased starting January 1st, 2016

The IRS shows the following standard mileage rates for the use of a car, van, pickup or panel truck. 

• Business miles driven are 54 cents per mile, down from 57.5 cents in 2015

• Miles driven for medical or moving purposes will be 19 cents for 2016.  This is down 4 cents from 2015.

• Miles driven in service of charitable organizations is 14 cents per mile and remains the same as 2015.

If you are claiming accelerated depreciation on your vehicle for business use, or have claimed Section 179 for your vehicle, you may not use the business standard mileage rates.

Note:  You always have the option of claiming deductions based on the actual costs of using a vehicle rather than the standard mileage rates.  Please contact me should you have any questions.

You can reach me at Danita Romero, Accounting Services
925-452-8230  danitar@danitaromero.com