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Adjust Your Mileage Reimbursements for 2016

Adjust Your Mileage Reimbursements for 2016

Standard mileage rates for deductible vehicle expenses have decreased from the 2015 rates. Here are the rates to use to calculate 2016 reimbursements and deductions.

Business. Starting January 1, the rate is 54 cents per mile for the use of a vehicle for business purposes. That’s down from 57.5 cents in 2015.

Medical and moving. The rate for medical and moving mileage decreases from last year’s 23 cents a mile to 19 cents a mile.

Charitable. The standard per-mile rate for charitable service remains at 14 cents.

If you need help with mileage reimbursement or any other tax matter, give us a call at 646-688-2807 .

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