Friday, December 15, 2017
THIS JUST IN - 2018 STANDARD MILEAGE RATES
The Internal Revenue Service has issued the 2018 standard mileage allowance rates for deducting business, medical, moving, and charitable driving.
Effective January 1, 2018, the rate for business use of a car, van, pickup truck, or panel truck will be 54.5 cents per mile, up from 53.5 cents per mile. The portion of this standard mileage rate that is treated as depreciation will be 25 cents per mile for 2018, the same as 2017.
The rate for medical and moving driving will be 18 cents per mile, up from 17 cents per mile.
The rate driving while performing volunteer services to a qualified church or charity remains at 14 cents per mile. This rate is set by Congress and has not been increased in decades.
The 2018 rate for medical and moving mileage may be of no value, depending on what is in the final tax legislation if it is passed and signed into law. Deductions for medical and moving expenses may not be around anymore, although it looks like medical deductions will remain. The final legislation may also finally provide for annual adjustments for inflation for the charitable rate.