Drop in gasoline prices will impact mileage rates in 2016

Posted by Jennifer Herrera on

The drop in gasoline prices will impact your mileage rates for tax purposes next year.

The Internal Revenue Service has issued its 2016 mileage rates used by freelance employees and many small business owners and, the rate has dropped.

Starting on January 1, business miles will be calculated at 54 cents-per-mile as opposed to the current 57 ½ cents.

The mileage rate is based on the costs of operating a vehicle and the lower gas prices factored in to next year’s calculations.

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