2017 Standard Mileage Rates for Business, Medical and Moving Announced » Mortgage Masters Group

2017 Standard Mileage Rates for Business, Medical and Moving Announced IR-2016-169 WASHINGTON – The internal revenue service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

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*Moving expenses and gross-up calculations *Form 941 issues — disability benefits.. meals *New business credit for wages paid due to family and medical leave.. the one-class-of-stock rule *Methods of accounting *Legislation on mortgage.. non-accountable plans, standard mileage rates, and per diem rates *Special.

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The optional standard mileage rates for business use of a vehicle will drop slightly in 2017, the second consecutive annual decline, the IRS announced Thursday (Notice 2016-79).For business use of a car, van, pickup truck, or panel truck, the rate for 2017 will be 53.5 cents per mile, down from 54 cents per mile in 2016.

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Using these tax deductions for your small business can save you money. By Stephen Fishman, J.D.. Standard mileage rate method. You deduct a certain amount (the standard mileage rate) for each mile driven, plus all business-related tolls and parking fees.. 2017 through December 31, 2022, 100% of the cost may be deducted in a single year.

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