Last week, the IRS announced the 2016 optional standard mileage rates for Business, Medical and Moving. The rates are less than 2015. The IRS conducts a study each year of the fixed and variable costs of operating a vehicle. Surprise! Gas costs have been down in 2015 from 2014 – way down. According to the U.S. Energy Information Administration, recent gas prices are down over a dollar per gallon, compared to 2014 average cost per gallon.
The 2016 standard mileage rates are:
- • 54 cents per mile for business miles driven, down from 57.5 cents for 2015
- • 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015
- • 14 cents per mile driven in service of charitable organizations, the same since 1998.
As the IRS reminds us in its announcement, you always have the option of calculating the actual costs of using your vehicle rather than using the standard mileage rates.
VKM
Related Posts
Starting tax year 2023, businesses may need to e-file certain information returns that they had historically paper filed. The Final Regulations for filing returns and other documents electronically significantly expanded electronic filing requirements for tax ...
If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences — such as unexpected taxable income, gift ...
On July 11, 2019, the IRS and Treasury released final regulations removing Section 1.451-5 of the Income Tax Regulations as a result of the changes made to Section 451 under the 2017 tax reform known ...
If you’re involved with virtual currency – whether as an investor, a miner or as a merchant accepting cryptocurrency as payment – you are likely to face tax issues. On the federal income tax front, ...
Latest News
On June 9, the IRS released Announcement 2022-13, which modifies Notice 2022-3, by revising the optional standard mileage ...
At the tail end of 2021, the Internal Revenue Service (IRS) released new Schedules K-2 and K-3 effective ...
This information is current as of Sunday, November 21, 2021. On Friday, November 19, 2021, after the Congressional ...
HM&M Updates
Last month, Senior Manager, Pearl Balsara was invited to speak at the 2023 FPA DFW Annual Conference in ...
We are pleased to announce the winners of the 2022 HM&M Excellence Awards. Ronna Beemer, Keith Phillips, and ...
Huselton, Morgan and Maultsby is composed of a spectacular team of individuals. During our annual What’s Happening Meeting, ...