IRS Announces 2018 Standard Mileage Rates

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IRS Announces 2018 Standard Mileage Rates

The IRS has announced the 2018 optional standard mileage rates for computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes.

Effective January 1, 2018, the standard mileage rates are as follows:

– Business use of auto:  54.5 cents per mile may be deducted if an auto is used for business purposes

– Charitable use of auto:  14 cents per mile may be deducted if an auto is used to provide services to a charitable organization

Medical use of auto:  18 cents per mile may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons)

– Moving expense:  18 cents per mile may be deducted if an auto is used to move to a new home in connection with the start of work at a new job location

You can read IRS Notice 2018-03 here.

Content Provided by: Broadridge Financial Solutions, Inc.
January 2018
By | 2018-01-09T17:26:00+00:00 January 9th, 2018|Categories: On Our Minds|Tags: , , , |0 Comments

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