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