2018 Standard Mileage Rates Released
January 02, 2018
The Internal Revenue Service (IRS) has released the 2018 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes.
The 2018 standard mileage rate has increased to 54.5 cents per mile for business uses and 18 cents per mile for medical and moving uses. It remains at 14 cents per mile for charitable uses.
The updated rates are effective for deductible transportation expenses paid or incurred on or after January 1, 2018, and for mileage allowances or reimbursements paid to, or transportation expenses paid or incurred by, an employee or a charitable volunteer on or after January 1, 2018.
