The IRS has announced the 2018 optional standard mileage rates for computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes.
Effective January 1, 2018, the standard mileage rates are as follows:
- Business use of auto: 54.5 cents per mile may be deducted if an auto is used for business purposes
- Charitable use of auto: 14 cents per mile may be deducted if an auto is used to provide services to a charitable organization
- Medical use of auto: 18 cents per mile may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons)
- Moving expense: 18 cents per mile may be deducted if an auto is used to move to a new home in connection with the start of work at a new job location
You can read IRS Notice 2018-03 here.
Content Provided by: Broadridge Financial Solutions, Inc.
January 2018