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2018 IRS Standard Mileage Rate for Business Travel is 54.5 cents

Rotem Rubnov

• 1 min read
2018 IRS Standard Mileage Rate for Business Travel is 54.5 cents
Photo by Nabeel Syed / Unsplash

The IRS has recently published the standard mileage rates for 2018.

Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also 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.

Psngr app has been updated to reflect these changes, and will log your miles as well as quantify your tax-deductible expenses using the appropriate rates.

In the US, you can deduct your year’s vehicle expenses using one of two methods:

  1. The actual expense method, or
  2. Using standard mileage rates.

The actual expenses method requires you to collect all vehicle-related receipts: gasoline, insurance, repair, etc. Alternatively, you can simply install Psngr app which will log all your business miles and calculate your mileage expenses using the IRS standard mileage rate.