The Post

The IRS issued Notice 2016-79, updating optional standard mileage rates for business, charitable, medical or moving purposes. As of Jan. 1, 2017, the standard mileage rates for the use of a car, van, pickup or panel truck are as follows:

• 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 (a two cent decrease)
• 14 cents per mile driven in service of charitable organizations (remains unchanged)

Taxpayers have the option to deduct the actual costs of using their vehicle, rather than the IRS standard mileage rates.

Taxpayers may not use the business standard mileage rate for a vehicle after using any depreciation method under MACRS or after claiming a Section 179 deduction for that vehicle. The standard rate cannot be used for more than four vehicles used simultaneously.