2018 IRS Mileage Rates Announced

The IRS has finally announced the new IRS mileage rates for 2018 – an increase over 2017’s rates. On December 14, 2017, the Internal Revenue Service (IRS) issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. This year, the business rate increases one cent per mile. Beginning January 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54.5 cents per mile for business miles driven (up from 53.5 cents in 2017). 18 cents per mile driven for medical or moving purposes (up from 17 cents in 2017). 14 cents per mile driven in service of charitable organizations (same as 2017). The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile, including depreciation, insurance, repairs, tires, maintenance, gas and oil. The rate for medical and…

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