Standard Mileage Rates for 2018 Increase

Sunday, December 17, 2017 at 1:15PM
Banking Spectrum in Banking News, Human Resources

The Internal Revenue Service has 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 on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017.
• 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.
• 14 cents per mile driven in service of charitable organizations.

More information may be found in Notice 2018-03, posted on IRS.gov. 

Article originally appeared on Banking Spectrum (https://www.bankingspectrum.com/).