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Federal Law Updates | Dec 15, 2017

IRS Issues Standard Mileage Rates for 2018

IRS Issues Standard Mileage Rates for 2018

The IRS has released the standard mileage rates for business use. For business use of a car, van, pickup truck or panel truck, the rate for 2018 will be 54.5 cents per mile. This is a slight increase from 53.5 cents per mile in 2017.

Driving related to medical or moving purposes can be deducted at 18 cents per mile, which is higher than the 17 cents per mile in 2017 (subject to any tax reform legislation).

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