What was the 2017 standard mileage rate for a taxpayer's business use of a vehicle?

The standard mileage rate for business use of a vehicle is a tax guideline set by the IRS, which allows taxpayers to deduct a specified rate per mile driven for business purposes. In 2017, the IRS announced that the standard mileage rate for business use was set at 53.5 cents per mile. This rate is determined taking into account various factors such as the cost of operating a vehicle, including maintenance, insurance, and fuel costs.

Using this rate, taxpayers can calculate their deductible expenses more easily than if they kept track of actual costs. It is important for taxpayers to be aware of these rates each year as they can change annually based on fluctuations in operating costs. The knowledge of historical rates is essential for tax preparation and understanding how to maximize deductions related to business travel.