Operations

IRS Raises Mileage Reimbursement Rate

December 18, 2017

Photo via HighTechDad/Flickr.
Photo via HighTechDad/Flickr.

The Internal Revenue Service has increased the business mileage reimbursement rate to 54.5 cents from 53.5 cents for 2018. The new rate will go into effect on Jan. 1.

The I.R.S. also increased the rate for medical or moving purposes 1 cent to 18 cents. The rate for miles drive in service of charitable organizations remains at 14 cents per mile, the agency announced on Dec. 14.

A year ago, the I.R.S. reduced the reimbursement rate 0.5 cents.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating a vehicle. The rate for medical and moving purposes is based on the variable costs. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates, according the agency.

Comment On This Story

Name:  
Email:  
Comment: (Maximum 10000 characters)  
Leave this field empty:
* Please note that every comment is moderated.

FleetFAQ

Fleet Management And Leasing

Jack Firriolo from Merchants will answer your questions and challenges

View All

 

Public Fleet Tracking And Telematics

Amin Amini from Verizon Connect will answer your questions and challenges

View All

 

Fuel Management

Bernie Kanavagh from WEX will answer your questions and challenges

View All

 

Recent Topics

Is a bachelor's degree truly necessary in order to become a fleet manager, or does achieving certification as a CAFM or equivalent carry...

View Topic

Hello to all the members I am checking to see if anyone is using a company for GPS/AVL called Fleet Complete (AT&T)? I would like to...

View Topic

Fleet Documents

1134 Fleet Documents (and counting) to Download!

Sponsored by

James Crocker is director of fleet operations, overseeing purchasing, remarketing, and logistics for Merchants Leasing.

Read more