The following is an excerpt from DecisionHealth’s Home Health Line.
The IRS has announced that standard mileage rates for the use of a car in 2018 rose to 54.5 cents per mile of business travel.
That’s a one-cent increase from 2017.
The standard mileage rate is based on an annual study of variable and fixed costs of operating a car, according to a Dec. 14 post on the IRS website.
“Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates,” the IRS notes.
About 47% of agencies reimburse at the IRS rate, according to the 136 respondents in HHL’s 2013 Productivity Survey. More than 44% of agencies pay below the IRS rate; fewer than 1% pay above the IRS rate and 8% don’t reimburse for mileage.
Related link: View the IRS post at http://bit.ly/2BaNaau.