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Monday, January 04 2016

Beginning Jan. 1, 2016, the standard mileage rates for use of an automobile will be:

  • 54 cents per mile for business miles driven, down from 57.3 cents
  • 19 cents per mile driven in medical or moving purposes, down from 23 cents
  • 14 cents per mile driven in service of charitable organizations, which remains unchanged from 2015

For purposes of computing the allowance under a fixed and variable rate (FAVR) plan, the standard automobile cost may not exceed $28,000 ($31,000 for trucks and vans).

The updated rates are effective for deductible transportation expenses paid or incurred on or after the effective date; and for mileage allowances or reimbursements paid to, or transportation expenses paid or incurred by, an employee or a charitable volunteer on or after Jan. 1, 2016.

Posted by: Shelli Dodson AT 01:05 pm   |  Permalink   |  Email

    Dodson & Pope, CPA PLLC
    1095 Evergreen Circle, Suite 200, The Woodlands, TX 77380
    Phone: 936-443-0370   Email:
    Dodson & Pope

     

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