2016 Standard Mileage Rates for Business, Medical and Moving Announced and are Down

Last week, the IRS announced the 2016 optional standard mileage rates for Business, Medical and Moving.  The rates are less than 2015.  The IRS conducts a study each year of the fixed and variable costs of operating a vehicle.  Surprise!  Gas costs have been down in 2015 from 2014 – way down.  According to the U.S. Energy Information Administration, recent gas prices are down over a dollar per gallon, compared to 2014 average cost per gallon.

The 2016 standard mileage rates are:

  • • 54 cents per mile for business miles driven, down from 57.5 cents for 2015
  • • 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015
  • • 14 cents per mile driven in service of charitable organizations, the same since 1998.

As the IRS reminds us in its announcement, you always have the option of calculating the actual costs of using your vehicle rather than using the standard mileage rates.

VKM

Latest News

Tax Cuts and Jobs Act

Tax Cuts and Jobs Act   SUMMARY The House of Representatives and Senate have both passed the “Tax ...

Tax Cuts and Jobs Act Yearend Tips

Ten 2017 Yearend Tips Influenced by The Tax Cuts and Jobs Act (“TCJA”) December 22,2017 President Trump signed ...

Withholding Guidance

On December 26, the IRS issued guidance on withholding, in light of changes to withholding tables and systems ...

HM&M Updates

Jessica Gooch Named Shareholder

HM&M is pleased to announce Jessica Gooch was named Shareholder of the firm effective January 1, 2018.  Thank you for ...

Kim Lyons Named Shareholder

HM&M is pleased to announce Kim Lyons was named Shareholder of the firm effective January 1, 2018.  Thank ...

Randy Garcia Featured in Fort Worth, Inc.

Great job to Randy Garcia, CPA for being featured in the December edition of Fort Worth, Inc. Read ...