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Mar 20 2018 01:10pm    Comments: 0    Categories: Community      Tags: irs  

IRS: Standard Mileage Rates for 2018 Inch up from 2017

The Internal Revenue Service issued the 2018 optional Standard

mileage rates used to calculate the deductible costs of operating an automobile

for business, charitable, medical ormoving purposes. Beginning Jan. 1, 2018, standard

mileage rates for car use (also vans, pickups or panel trucks) will be:

  • 54.5 cents for every mile of business travel driven, up one cent from the rate for 2017.
  • 18 cents per mile driven for medical or moving purpose, up 1 cent from rate for 2017.
  • 14 cents per mile driven in service of charitable organizations.

The business mileage rate and the medical moving expense rates each increased one cent

per mile from the rates for 2017. The charitable rate is set by statute and remains unchanged.

The standard mileage rates for business is based on an annual study of the fixed and variable costs

of operating an automobile. The rate for medical and moving purposes is based on the variable costs.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using

the standard mileage rates. More infromation may be found at IRS.gov.

 
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Easton, MD 21601

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