The IRS has announced standard mileage rates for 2018. As of January 1, 2018, the standard mileage rates for the use of a vehicle (car, van, pick-up truck, or panel truck) for business, charitable, medical, or moving purposes are:
- 54.5 cents for every mile of business travel driven (an increase of 1 cent from the 2017 rate)
- 18 cents per mile driven for medical or moving purposes (an increase of 1 cent from the 2017 rate)
- 14 cents per mile driven in service of charitable organizations
We’ve touched on the importance of keeping good mileage logs and recommend using a mobile app such as TripLog or MileIQ. It’ll save you a lot of time and stress as you gather your financial data for tax preparation.
We’re happy to answer any questions you might have about this or any of your financial service needs. Call 215-723-4881 or contact us online.