New 2016 Mileage Rates

new 2016 standard mileage rateThe 2016 standard mileage rate has been announced by the IRS. This rate is used to calculate the deductible costs of driving a vehicle for business. This applies to household employers who choose to let their nanny or other household employee use their car for performing their job duties.

Beginning on Jan. 1, 2016, the standard mileage rate will be 54 cents per mile for business miles driven, a decrease of 3.5 cents from 2015. Household employers affected by this change should make sure to revise their expense reports and policies accordingly.

Please contact us at (518) 348-0400 if you have any questions.