In Pursuit of Profit
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The standard mileage rate for miles driven for medical or moving purposes is 17 cents per mile, down from 19 cents per mile in 2016.
The 2017 standard mileage rate:
The following table summarizes the optional standard mileage rates for employees, self-employed individuals, or other taxpayers to use in computing the deductible costs of operating an automobile for business purposes.
The IRS will not take your word for miles used for business. You will need to back up your claims with a mileage log.
The IRS requires you record your beginning odometer reading and
Additionally, you need to know the total number of miles you drove for business, commuting and personal driving (other than commuting).
There is an app for that!
If you are not yet using MileIQ to automatically track, log and calculate the value of your miles, you will want to check it out.
This year MileIQ began to automatically calculate the value of your drives based on the new standard mileage rates. This mileage-tracking app will automatically track your drives in the background and when you classify your drives, the correct mileage rate will be applied. Your 2017 business drives will properly valued at 53.5 cents per mile, medical/moving miles at 17 cents per mile and 14 cents for every charity mile.
You can also quickly send yourself or your tax professional detailed mileage logs. These will include the time, date, distance of drives, the values based on the new 2017 mileage rates and any additional information you added like the business purpose. MileIQ may be the app you are looking for to track your mileage fast and easy.