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:
- The actual expense method, or
- 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.