IRS Releases Standard Mileage Rates for 2016

The IRS has released its annual update to standard mileage rates. For 2016, the business standard mileage rate decreased from 57.5 cents per mile to 54 cents per mile, the charitable standard mileage rate remained at 14 cents per mile, and the medical and moving standard mileage rates decreased from 23 cents per mile to 19 cents per mile.