We had to wait a bit longer this year for the IRS to publish the new 2016 mileage rates. Usually they’re posted by Dec. 10th, and it was an entire week later this year! Perhaps with the volatile oil markets and fluctuating gas prices, there was a bit more discussion on the hill. We’re all really enjoying the lower gas prices, but now the mileage rates are reflecting that change. The business rate is down 3.5 cents and the medical/moving rate is down 4 cents. The charity rate has remained the same.
So here you go, the new 2016 IRS Mileage Rates:
Business: 54 cents/mile
Charity: 14 cents/mile
Moving/Medical: 19 cents/mile
A new version of MileBug will be submitted to Apple very shortly with these new rates in place as well as some other goodies! Stay tuned and Merry Christmas!