The Internal Revenue Service announced the 2018 optional standard mileage rate for calculating the deductible costs of operating an automobile for business purposes. Starting January 1, 2018, the standard mileage rate for the business use of a car, van, pickup, or panel truck is 54.5 cents per mile for business miles driven, up 1 cent from the 2017 rate.
The IRS also announced the 2018 standard mileage rate for vehicles driven for medical or moving purposes (18 cents per mile) and for vehicles driven for charitable purposes (14 cents per mile).
See the IRS website (www.irs.gov) for more information.
Effective date: Jan 01, 2018