Friday, 15 December 2017 10:25

IRS Business Mileage Rate Increased for 2018

On December 14, 2017, the Internal Revenue Service announced that the standard mileage rates for business will be increased for 2018.

 

For the year 2018, the optional standard mileage rate will be 54.5 cents per mile. Taxpayers have the option of using the optional standard mileage rate to calculate deductible costs of operating an automobile for business purposes.

 

The rate for computing the deductible medical or moving costs have also increased to 18 cents per mile, however the rate for providing services for charitable organizations has remained unchanged at 14 cents per mile. For further information you can go to the IRS announcement at: https://www.irs.gov/newsroom/standard-mileage-rates-for-2018-up-from-rates-for-2017