The Internal Revenue Service recently issued the 2018 standard mileage rate. Beginning on January 1, 2018, the standard mileage rates for the use of cars, vans, pickups or panel trucks, will be:
- 54.5 cents for every mile of business travel driven (up 1 cent from the rate for 2017)
- 18 cents per mile driven for medical or moving purposes (up 1 cent from the rate for 2017)
- 14 cents per mile driven in service of charitable organizations (no change from 2017)
If you have any questions, please contact your trusted advisors at Lurie, LLP.