The IRS has recalculated the optional mileage rates of operating a vehicle for business, charitable, medical, or moving reasons.
Effective January 1, 2018, optional mileage rates have been updated to the following:
- 54.5 cents per mile for business miles driven
- 18.0 cents per mile driven for medical or moving purposes
- 14.0 cents per mile driven in service of charitable organizations
prada blanket pantone indigo 100000 instagram followers instagram account followers prada monolith derby instagram anonymous followers prada nylon sneakers aaa catalina island men prada boots chatgpt developer dawn of the dead 2004 putlocker prada brown boot lentes prada precio spam instagram followers restaurants on river road in rosemont il prada cloudbust boots woolrich topo designs dr james smith tampa fl vintage prada sneakers prada pr 21xs prada cross body bags fashion outlets online prada rhinestone captains uniform sneakers prada 500 instagram followers prada loafers monolith elvis and lisa marie sing in the ghetto pantone indigo blue lentes prada blancos indigo pantone color approve followers instagram the gift by aselin debison lyrics prada heeled boots bill gates chatgpt aeropostale outlet mall prada outlet milan prada rimless sunglasses aaa brand chatgpt license makeup calculator prada slippers women prada men's crossbody plus followers instagram prada paradoxe set iron girl seattle gucci oficial nw printed solutions chatgpt hype instagram followers 50 shop prada captains epaulettes instagram biggest followers light up light up as if you have a choice lyrics prada spa prada paradoxe notes aaatravel.com prada nylon hat chatgpt plus subscription can i return outlet items to regular store iko nordic carluccis menu instagram legit followers instagram followers 50 prada glass frames prada carbon black www.bananarepublic.com factory prada mens boots jack spade fulton night of the puffings designer clothes outlet corkboard roll crossbody bags outlet prada rhinestone instagram followers plus instagram scrape followers chatgpt nyt tods shoes sale outlet ecc construction 5000 instagram followers duration sierra gray shingles pantone reflex blue cmyk spiky small fruit cork panel women gucci com prada san marcos prada cabazon prada scarf mens women gucci com prada sunglasses swirl outlet mall online cork rolls prada red sandals prada winter boots prada luna ocean prada net worth prada romper prada discount code men's outlet clothing online carlucci restaurant chicago instagram biggest followers instagram million followers rosemont il dining is chatgpt ai wig making andrew johnston britains got talent fabric cork boards prada pictures prada men's briefcase prada men's backpacks premium stores best prada perfume prada double match ranking instagram followers prada sequin dress openai chatgpt plus t shirt printing erie pa botta uno 24 neo manage followers instagram prada sweatsuit men's nude prada bag
The IRS states:
"A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for any vehicle used for hire or for more than four vehicles used simultaneously."
As a practicable matter, most businesses use these rates to reimburse employees for business-use of their personally-owned vehicles. This approach is convenient, efficient and provides for a safe-harbor election for reimbursing employees for bonafide business-use of automobiles when used in conjunction with an accountable reporting plan.
As an option, businesses may choose to calculate the actual costs of operating personally-owned vehicles instead of using these standard mileage rates set by the IRS. However, the time and effort that it takes to collect, summarize and compute the business-portion of such actual costs typically is very time consuming and can distract businesses and employees from performing their normal duties. Such intangible costs should be considered before adopting a reimbursement policy based upon the business-portion of actual costs incurred. In addition, such approaches are often highly scrutinized upon audit by the IRS.
|
