The new standard mileage rates for 2018 were announced in December 2017. If you drive for business, you should be very happy because the rates have INCREASED from 2017 by 1 cent! That’s $200 added to your deduction if you drove 20,000 in 2018
Here are the 2018 IRS Standard Mileage Rates:
|IRS Mileage Rates|
|Year||Business Rate||Medical or Moving Rate|
|2018||54.5 cents/mile||18 cents/mile|
|2017||53.5 cents/mile||17 cents/mile|
|2016||54 cents/mile||19 cents/mile|
How do I claim my mileage on my taxes and take the 2018 Standard Mileage Rate?
It’s easy! You need a mileage log that shows your drive-by-drive mileage and totals the number of miles you drove for Business purposes. Then you simply multiple the number of Business miles by the 54.5 cent rate to calculate your mileage deduction. For example, if you drove 10,000 business miles in 2018 you would receive a tax deduction of $5450!
Yes! I drove my car for business purposes! How do I track my mileage and take this deduction?
You need a mileage log that has the following information:
- date of drive(s)
- drive-by-drive distance (mileage)
- places you drove for business (exact addresses are NOT required)
- business purpose of drive
- start odometer / end odometer readings for each drive
- summary of personal and business mileage
ExpressMileage makes IRS compliant driving logs with all of this information. All you need is 5 minutes and your starting odometer reading for 2018 and we will do the rest!