|Dec. 17, 2015
The IRS announced today that the standard business mileage rate for vehicular transportation or travel expenses will be reduced to 54 cents a mile in 2016. It was 57.5 cents a mile in 2015.
The rate for medical care or the use of an automobile as part of a move for which the expenses are deductible will be 19 cents a mile, a reduction from 23 cents a mile in 2015. The mileage rate for charitable use will not be adjusted will remain 14 cents per mile according to the IRS.
The maximum standard automobile cost that may be used in computing the allowance under a fixed- or variable-rate plan will decrease to $28,000 in 2016, down from $28,200 in 2015 for automobiles. The IRS noted that the amount for trucks and vans will increase to $31,000 in 2016 up from $30,800 in 2015.
About Time & Pay:
Time & Pay is a professional payroll service provider located in Johnson City, TN. We service businesses of all sizes and types throughout the United States. Founded in 1992, Time & Pay provides businesses with complete payroll services , guaranteed payroll tax compliance, automated time and attendance systems and services, pay-as-you-go worker’s comp, human resource management systems and services, and more. We provide our customers with the cost effective tools you need to better manage your payroll, your employees and your business. Time & Pay’s services guarantee you will save money, time and aggravation and we back them up with the customer service you expect and deserve. Contact Us today to learn why business owners throughout the country are saying:
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