Hello, this is Noel Dalmacio, your ultimate CPA at lowermytaxnow.com
Guess what? New year…new rates!
The car mileage rates went down from the 2015 rates. Here are the rates that you can use to calculate your 2016 deductions and reimbursements.
For business, the rate is 54 cents per mile. That’s down from 57.5 cents in 2015. (What is the IRS thinking?)
For medical and moving, the rate went down from 23 cents to 19 cents per mile.
And lastly, for charitable service miles, it remains at 14 cents per mile.
If you like to learn more, click the link lowermytaxnow.com and subscribe to my weekly blog.
Until then, this is Noel Dalmacio, your ultimate CPA at lowermytaxnow.com