2017 Standard Mileage Rates for Business, Medical and Moving Announced » Mortgage Masters Group

The business mileage rate decreased half a cent per mile and the medical and moving expense rates each dropped 2 cents per mile from 2016. The charitable rate is set by statute and remains unchanged. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile.

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Medical FSAs Employees can contribute compensation on a pre-tax basis to special accounts restricted for the payment of out-of-pocket medical costs. The dollar limit on these contributions for 2017 is $2,600, up from $2,550 in 2016.

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The standard mileage rate 2017 is 53.5 cents per mile for all miles of business use (business standard mileage rate). The 2017 rate is a dip from the 2016 standard mileage rate of 54 cents per mile. Many factors go into the standard mileage rate, including the cost of gas.

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President Donald Trump is eager to sign into law big changes to the tax code. The House approved its tax rewrite on Nov. 16, and the Senate is trying to clear its version with a full vote this week.