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The Internal Revenue Service (IRS) has released the 2016 optional standard mileage rates to calculate the deductible costs of operating an automobile (including vans, pickups and panel trucks) for business, charitable, medical or moving purposes.
Beginning Jan. 1, 2016, the standard mileage rates for use of an automobile will be:
For purposes of computing the allowance under a fixed and variable rate (FAVR) plan, the standard automobile cost may not exceed $28,000 ($31,000 for trucks and vans).
The updated rates are effective for deductible transportation expenses paid or incurred on or after the effective date; and for mileage allowances or reimbursements paid to, or transportation expenses paid or incurred by, an employee or a charitable volunteer on or after Jan. 1, 2016.
If you have questions regarding how to account for the changes to the 2016 standard mileage rates, contact Doeren Mayhew tax advisors.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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