Standard Mileage Rates Go Down in 2016

December 15, 2015

The 2016 standard auto mileage deductible amounts will be less per mile than in 2015.

Car mileageThe IRS has released the standard mileage rate allowances for the 2016 tax year. The deductible amounts will be less per mile than in 2015.

The business mileage rate decreased 3.5 cents per mile and the medical, and moving expense rates decrease 4 cents per mile from the 2015 rates.

Click here to read the complete IRS release on the 2016 rates.

If you need more information or have a question, contact us at McRuer CPAs.