IRS’ standard mileage rates for next year are dropping to their lowest levels since 2011.
The Internal Revenue Service on Thursday that can be used to calculate the deductible costs of operating a vehicle for purposes such as work and medical.
Starting Jan. 1, the standard rates will be:
• Business: 54 cents per mile (down from 57.5 cents)
• Medical and/or moving: 19 cents per mile (down from 23 cents)
• Charitable service: 14 cents per mile
The IRS bases the standard mileage rate off an annual study of the fixed and variable costs that go into operating a vehicle.
Taxpayers do have the option of applying the , which includes expenses such as depreciation, lease payments, gas, repairs, oil and tolls, IRS officials said.
Alicia Wallace: 303-954-1939, awallace@denverpost.com or @aliciawallace
