Breaking News: 2018 Mileage Rates Announced

Posted on 26. Dec, 2017 by in Bookkeeping Articles, Small Business Tips, Tax Updates

IRS LogoThe IRS has just released the standard mileage rates for 2018. For business use of an automobile, the rate will increase to .545 cents per mile, up from .535 cents for 2017. For medical and moving expenses, it is increased to .18 cents per mile, up from 17 cents for 2017. For services to charitable organizations, the rate remains at .14 cents per mile.

You can read the full press release from the Internal Revenue Service. Notice 2018-03 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.

Press Release Link: https://www.irs.gov/newsroom/standard-mileage-rates-for-2018-up-from-rates-for-2017

Note 2018-03 Link: https://www.irs.gov/pub/irs-drop/n-18-03.pdf

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