By Gary Lasker
The Internal Revenue Service has issued the 2018 optional standard mileage rates. Starting January 1, 2018, the standard mileage rate for the use of a car, van, pickup, or panel truck will be 54.5 cents per business mile.
The portion of the business standard mileage rate that is treated as depreciation will be 25 cents per mile in 2018.
The deduction will be 18 cents per mile in 2018 for medical or moving purposes.
The rate for service to a charitable organization remains at 14 cents per mile.
Keep in mind that taxpayers have the option of deducting actual expenses instead of using the optional standard mileage rates. Also, the medical and moving deductions may be affected by the pending tax bill.