2018 IRS Standard Mileage Rate for Business Travel is 54.5 cents
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.