For 2018, the standard mileage rate for the use of a car, van, pickup, or panel truck will increase to 54.5 cents per mile for business miles driven (53.5 cents in 2017). The standard mileage rate represents all costs associated with vehicles. Taxpayers electing this method may not deduct actual expenses, including depreciation, lease payments, maintenance, repairs, gas, oil, insurance, and vehicle registration costs.
Among other instances, the standard mileage rate applies to miles driven for traveling from one work location to another within the taxpayer’s home area (generally, the city or general area of the taxpayer’s main place of business), visiting customers, and attending business meetings away from the regular workplace.
You’ve heard our thoughts… We’d like to hear yours
The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at [email protected].
Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.