Please note the following tax due dates on your calendar, and come back often to keep up with the changes.
We offer a broad range of services for business owners, executives and independent professionals. Please call us for a free initial consultation.
Standard Mileage Rates for 2018
Effective January 1, 2018, the standard mileage rates for the use of car, pickup, van, or panel truck are:
The standard mileage rates for business, medical, or moving purposes have increased by 1 cent per mile from 2017’s rates. The rates for business travel are based on an annual study of the costs of operating a vehicle and are influenced by both fixed and variable costs. The rate for medical or moving purposes are based on variable costs. The charitable rate is set by law and has not changed.
These optional standard mileage rates are used to calculate the general deductible cost of operating an automobile for the purposes of business, charity, medical or moving.
Taxpayers are given the option of claiming deductions based on the actual cost of using a vehicle rather than the standard rates that are detailed here.
Stipulations and Exceptions
Taxpayers may not:
Reduction amounts were also announced by the IRS. These amounts are for those choosing the business standard mileage rate as well as the maximum standard automobile cost.
To see if these reduction amounts announced by the IRS apply to you, or for other questions about standard mileage rates or driving activities you should keep track of in 2018, please contact the office.