Mileage Rates for 2018

The IRS has revised its optional standard 2018 mileage rates to be used to calculate the deductible costs of operating an automobile, van, pick-up or panel truck that is used for business, medical or moving purposes, or charitable service.  Beginning on January 1, 2018, the following rates will be in effect:

• 54.5 cents per mile for business miles driven (up 1 cent from 53.5 cents in 2017)

• 18 cents per mile driven for medical or moving purposes (up 1 cent from 17 cents in 2017)

• 14 cents per mile driven in service of charitable organizations (no change).

The portion of the business standard mileage rate that is treated as depreciation will be 25 cents per mile for 2018, the same rate as in 2017.

Please contact a Sansiveri tax professional with any questions at 401-331-0500. For a detailed outline of the 2018 IRS announcement (click here).