December 24th, 2015
TAX TIP OF THE DAY... 2016 standard mileage rates
For BUSINESS use of an automobile, the rate for 2016 will be 54 cents per mile, compared with 57.5 cents in 2015. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.
Driving for MEDICAL or MOVING purposes may be deducted at 19 cents per mile, which is four cents lower than for 2015.
The rate for service to a CHARITABLE organization is unchanged at 14 cents a mile.
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David S. Baboian, CPA