IRS Issues Standard Mileage Rates for 2018
Business Use of Car, Van, or Pickup/Panel Truck
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
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).
Like mileage rates, the IRS is constantly changing the rules and regulations. Small to medium sized business owners cannot possibly keep up with these changes and run their businesses effectively.
MyHRConcierge keeps our business clients up to date with these changes in order to save you time and money. To learn more about our services and what we can do for your business, contact us at (855) 538-6947.