As fuel prices and costs go gone up and down, the IRS periodically changes the IRS Standard Mileage Allowance for business, charitable, medical and moving mileage. This mileage rate is also called the IRS mileage reimbursement rate. The table below covers the IRS mileage reimbursement rate for the specified periods, including 2018 IRS Mileage Rates and 2017 IRS Mileage Rates. The IRS prohibits the use of the business standard mileage rate in cases where a vehicle has used a MACRS (Modified Accelerated Cost Recovery System) depreciation method. They also prohibit using it after a Section 179 deduction is made for a vehicle, nor if more than four vehicles are used at the same time. Be sure to look at our free printable business mileage log form. You can also now purchase an automatic GPS mileage logger.
All information on this site has been obtained from the IRS and was thought to be accurate as of 1/24/2016. |