If you drive for work, you may pay attention when the IRS updates the standard mileage rate used to deduct business driving expenses. The rate rises most years, but it also falls occasionally. That’s because mileage rates follow gas prices.
For 2017, the standard mileage rates are:
- 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.