IRS Mileage Rate Allowances for 2016
The IRS said the optional standard rate for business use of a car is 54 cents a mile for 2016. This rate is used to figure tax deductions for business travel as an alternative to deducting your actual costs.
The standard rate for use of your car for medical reasons, or when computing deductible moving expenses, will be 19 cents a mile. The standard mileage rates are based on an annual study by an independent contractor of automobile operating costs.
The standard rate for use of a car to provide services to charities will be 14 cents a mile.
If you have additional questions regarding business use of autos including proper documentation requirements, please call us at 225-292-7434 in Baton Rouge or 985-674-9092 in Mandeville. Email email@example.com