Standard mileage rate decreases for 2016
The Internal Revenue Service has revised the optional standard mileage rate for 2016. This rate, used to calculate the deductible costs of operating an automobile, for business purposes is 54 cents per mile beginning on Jan. 1, 2016. Additionally, the rate for miles driven for medical or moving purposes is 19 cents per mile, and the rate for miles driven in service of charitable organizations is 14 cents per mile. Click here to read the full details on the IRS website.