OUR THOUGHTS ON:

Standard Mileage Rate for 2018 Announced

Tax|Tax Reform|Transportation & Logistics

By Keith Donnelly

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.

Contact a Schneider Downs tax advisor if you have any questions.

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