2018 STANDARD MILEAGE RATES ANNOUNCED
Last week, 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, or moving purposes.
Beginning January 1, 2018, the standard mileage rates for the use of a car (including vans, pickups, or panel trucks) will be:
- 54.5 cents for every mile of business travel driven
- 18 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
The business mileage rate and the medical and moving expense rates increased 1 cent per mile each from the 2017 rates. The charitable rate is set by statute and remains unchanged.
In the alternative, taxpayers may calculate the actual cost of using their vehicle rather than using the standard mileage rates.
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