Friday, December 22, 2017

2018 Standard Mileage Released - Rates increase slightly

Notice 2018-03 provides the optional 2018 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The 2018 mileage rates are as follows:
  • The standard rate for business travel is 54.5 cents per mile.
  • The standard rate for charitable purposes is 14 cents per mile.
  • The standard rate for medical care or a deductible moving expense is 18 cents per mile.
  • The depreciation factor for automobiles used for business is 25 cents per mile.

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