Gas prices have fallen, so it’s no surprise that the IRS has announced lower optional standard mileage rates for business use of a vehicle for 2016. The new rate will be 54 cents a mile, compared with 57.5 cents/mile for 2015. This is for business use of a vehicle; driving for medical or moving purposes may be deducted at 19 cents/mile, 4 cents lower than 2015; the rate for charitable organizations is unchanged at 14 cents/mile.
