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For tax year 2017, you can deduct 53.5 cents per mile you drive for work. This is known as standard mileage rate, and the IRS can change this rate annually. You may apply this rate for up to four cars at the same time, but not for any equipment you need to drive for work, such as a tractor or snowplow.
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Standard Mileage Rates Decrease in 2017 for Business, Medical, and Moving Purposes (Parker Tax Publishing December 2016) The IRS issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
2017 Standard Mileage Rates for Business, Medical and Moving Announced IR-2016-169, Dec.13, 2016 WASHINGTON – The Int ernal Revenue Se rvice t oday i ssued t he 2017 opt i onal st andard mileage rates used to calcul at e t he deduct i bl e cost s of operat i ng an aut omobi l e f or business,
The business mileage rate decreased half a cent per mile and the medical and moving expense rates each dropped 2 cents per mile from 2016. The charitable rate is set by statute and remains unchanged. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile.
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Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (or a van, pickup or panel truck) are: 53.5 cents per mile for business miles driven (including a 25-cent-per-mile allocation for depreciation). This is down from 54.0 cents in 2016; 17 cents per mile driven for medical or moving purposes.
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2017 Standard Mileage Rates for Business, Medical and Moving Announced Mortgage Masters Group As it does every year, the Internal Revenue Service recently announced the inflation – adjusted 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
2017 IRS Mileage Rates.. Signup Now. Looking for an easy way to keep track of your business, medical, charitable, and moving mileage? Signup for MileagePad, and never lookup the irs standard mileage rates again! The IRS Standard Rates for 2017 Mileage. Mileage Type Rate / Mile Effective Date
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