Big changes are in store. And by big changes, I must mean the IRS Standard Mileage Rate. That's the rate at which employers may reimburse employees for use of their personal vehicles for work without creating reportable income. I know you've been waiting for this post all year.
The 2017 Standard Mileage Rate will be as follows:
Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 53.5 cents per mile for business miles driven, down from 54 cents for 2016
- 17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016
- 14 cents per mile driven in service of charitable organizations
So, that's a decrease of one cent per mile for business reimbursement.
Here's the link to the IRS's own website.
The next post is longer and very unsettling about rest periods. So I'll use this post to wish you happy holidays, Merry Christmas and happy new year!
