Financial Facts

January 5, 2017

The IRS announced that the standard mileage rate for business use will drop to 53.5 cents per mile for 2017.

Driving for medical or moving purposes will be 17 cents per mile and for a charitable organization 14 cents per mile.

The portion of the business standard mileage rate that is treated as depreciation will be 25 cents per mile for 2017, 1 cent higher than in 2016.

VACo Contact: Vicky Steinruck, CPA

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