Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, and moving expense purposes for the second half of . The standard mileage rate for computing the deductible costs of operating an automobile for charitable purposes is set by statute and remains unchanged.

For July 1, , to December 31, , the standard mileage rates are as follows:

• Business use of auto : Our Farmers Insurance Group clients may find this particularly beneficial. 62.5 cents per mile (up from 58.5 cents for January 1, , to June 30, ) may be deducted if an auto is used for business purposes. As a Farmers Insurance Group employee, your employer from Farmers Insurance Group may reimburse you for your business travel expenses using the standard mileage rate. However, if Farmers Insurance Group does not reimburse you for your business travel expenses, you cannot currently deduct your unreimbursed travel expenses as miscellaneous itemized deductions.
  
  

Healthcare challenges are easier to navigate when you fully understand the medical coverage Farmers Insurance Group extends to employees and retirees. According to publicly available information, Farmers Insurance Group maintains an active defined benefit pension plan, which provides retirement income based on factors such as years of service and compensation history. Farmers Insurance Group does not appear to offer a formal retiree healthcare program, making healthcare coverage planning an important consideration if you retire before age 65. Building a retirement plan that weaves in every Farmers Insurance Group benefit - pension, healthcare, savings - is the most reliable way to project your future income.

The IRS normally updates the standard mileage rates once a year in the fall for the next calendar year. Mid-year increases in the standard mileage rates are rare — the last time the IRS made such an increase was in .