The IRS has posted the standard mileage rates for 2018. New rate for transportation and reimbursements is 54.5 cents. That is up a penny from 53.5 cents in 2017.
According to IRS comments in Notice 2018-03:
The standard mileage rate for transportation or travel expenses is 54.5 cents per mile for all miles of business use (business standard mileage rate). See section 4 of Rev. Proc. 2010-51.
The standard mileage rate is 14 cents per mile for use of an automobile in rendering gratuitous services to a charitable organization under § 170. See section 5 of Rev. Proc. 2010-51.
The standard mileage rate is 18 cents per mile for use of an automobile (1) for medical care described in § 213, or (2) as part of a move for which the expenses are deductible under § 217. See section 5 of Rev. Proc. 2010-51.
Standard rates for the last few years:
- Standard IRS mileage rates for 2017
- Standard mileage rates for 2016
- Standard mileage rates for 2015
- Standard mileage rates for 2014
- Standard mileage rates for 2011 – longer explanation
As usual, Bill Cleary gave me the first tip of the new rate, before I saw any news reports. By now, you may have seen various mentions of the new rates.