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

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

• A. 58 cents (0.58) a mile.
• B. 57.5 cents (0.575) a mile.
• C. 54 cents (0.54) a mile.
• D. 53.5 cents (0.535) a mile.

Answer: (D)

The standard mileage rate for business use of a vehicle in 2017 was indeed set at 53.5 cents per mile. This rate is established annually by the IRS and is intended to provide taxpayers with a method for deducting the costs associated with driving for business purposes. The rate reflects the costs of operating a vehicle, including depreciation, maintenance, repairs, fuel, and insurance. The specific figure of 53.5 cents is an official rate that taxpayers could use to calculate deductions on their tax returns for the business miles driven during that year. Understanding this rate is crucial for taxpayers to ensure they are accurately reporting their expenses and maximizing their potential deductions.

The standard mileage rate for business use of a vehicle in 2017 was indeed set at 53.5 cents per mile. This rate is established annually by the IRS and is intended to provide taxpayers with a method for deducting the costs associated with driving for business purposes.

The rate reflects the costs of operating a vehicle, including depreciation, maintenance, repairs, fuel, and insurance. The specific figure of 53.5 cents is an official rate that taxpayers could use to calculate deductions on their tax returns for the business miles driven during that year. Understanding this rate is crucial for taxpayers to ensure they are accurately reporting their expenses and maximizing their potential deductions.