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The IRS mileage rates are, for 2017, 53.5 cents per business mile.
Not everyone can use the IRS mileage rate. You can’t use the IRS mileage rate on your vehicle if you
- have 5 or more vehicles on the road at the same time
- claim Section 179 expensing on the vehicle
- claim any depreciation on the vehicle
Your corporation can’t use the mileage rate to deduct its corporate owned vehicles, but the corporation can use the mileage rate to reimburse an employee for the use of his or her personal vehicle for business reasons.
Self-employed individuals may use the IRS mileage rates. But corporations and partnerships do not qualify to use
the IRS mileage rates on corporate- or partnership-owned vehicles.[/vc_column_text][us_image image=”2309″][/vc_column][/vc_row]
