The IRS has announced the 2016 mileage rates – and they’re lower than in the recent past.
For 2016, the business mileage rate is 54 cents per mile, the IRS said in a notice.
As for miles driven for medical or moving purposes, the rate is 19 cents per mile.
Compared to the last several years, those rates are markedly decreased.
Comparison through the years
In 2015 and 2014 respectively, the rates for business travel were 57.5 and 56 cents per mile.
You have to go back to 2011 to get to a rate lower than the 2016 rate. It was 51 cents per mile then.
Likewise, the medical and moving mileage rate is down from the 2015 rate of 23 cents per mile.
The last time the rate hit 19 cents per mile was 2011.
As for the charitable mileage rate, it’s been holding steady for years and continues to be 14 cents per mile.
Note: The charitable rate is based on statute, as opposed to the fixed and variable costs of operating a vehicle.