The IRS issued 2018 standard mileage deductions for business, charitable, medical or moving purposes, up from 2017 rates. The final 2017 and 2018 rates are:
|Standard Mileage Deductions||2017||2018|
|Business Standard Mileage Rate||53.5 cents||54.5 cents|
|Medical Standard Mileage Rate||17.0 cents||18.0 cents|
|Moving Standard Mileage Rate||17.0 cents||18.0 cents|
|Charitable Serv Standard Mile Rate||14.0 cents||14.0 cents|
The AAII Tax Guide online has been updated with these new figures. You can keep up-to-date with the 2018 tax reform changes here at the AAII Blog.