2017 Standard Mileage Rates for Business, Medical and Moving Announced » Mortgage Masters Group

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 · The rate for business road travel is based on the both the vehicle’s fixed and variable costs. The rate for medical and moving purposes, on the other hand, is based only on the variable costs. Rates are optional: Note, too, the rate change’s title: optional standard mileage rates. You have a choice in most cases of how to deduct your allowable.

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2017 Standard Mileage Rates for Business, Medical and Moving Announced February 5, 2016 By Tom Janssen WASHINGTON – The Internal Revenue Service today issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

 · How to Itemize Deductions. In the U.S., a taxpayer can choose to take a standard deduction or to itemize their deductions. For the 2017 tax year, the standard deduction will be $6,350 for single filers and $12,700 for those married filing.

For the years after April 2016 these are 1% for April 2017, 3% for April 2018 and 2.4% for April 2019 cumulatively making 6.5%, see “House of Commons Briefing Paper CBP 8458”. The rates after being.

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