IRS Announces New Mileage Rates for 2016 and they are DOWN from 2015!
IRS announced the new 2016 tax-deduction rates for using your vehicle for
• Business use
• Charity work
• Medical-related use
• Moving (restrictions apply).
These rates tend to change every year, but they usually go UP. Unfortunately, not for 2016.
Vehicle-Use tax-deduction rates will DROP
in 2016:
• BUSINESS: 54¢ / mile (down from 57.5¢ in 2015)
• CHARITY: 14¢ / mile (same as 2015)
• MEDICAL: 19¢ / mile (down from 23¢ in 2015)
• MOVING: 19¢ / mile (down from 23¢ in 2015)