For 2017 – the IRS has lowered the standard mileage rates for the use of a car for business purposes by a half of a cent.
From the IRS’s Aug 6th, 2017 press release:
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
2017 IRS Standard Mileage Rates:
|IRS Mileage Rates|
|Year||Business Rate||Medical or Moving Rate|
|2018||54.5 cents/mile||18 cents/mile|
|2017||53.5 cents/mile||17 cents/mile|
|2016||54 cents/mile||19 cents/mile|
How do I claim my mileage on my taxes and take the 2017 Standard Mileage Rate?
It’s easy! You need a mileage log that shows your drive-by-drive mileage and totals the number of miles you drove for Business purposes. Then you simply multiple the number of Business miles by the 53.5 cent rate to calculate your mileage deduction. For example, if you drove 10,000 business miles in 2018 you would receive a tax deduction of $5350!
Yes! I drove my car for business purposes! How do I track my mileage and take this deduction?
You need a mileage log that has the following information:
- date of drive(s)
- drive-by-drive distance (mileage)
- places you drove for business (exact addresses are NOT required)
- business purpose of drive
- start odometer / end odometer readings for each drive
- summary of personal and business mileage
ExpressMileage makes IRS compliant driving logs with all of this information. All you need is 5 minutes and your starting odometer reading for 2017 and we will do the rest!