The new standard mileage rates for the year 2018 have been announced by the IRS and here's what you need to know. Any time you are driving for work, medical reasons or to support a charity you may qualify for the mileage deduction on your taxes.
In tax year 2018 the mileage rate standards for use of your car will be as follows:
14 cents per mile when driving for a charity
18 cents per mile when driving for medical purposes
54.5 cents per mile for all your business miles
You may only claim this deduction for using your personal vehicle for the purposes mentioned above, business, medical or charity.
If you are self employed, any mileage driven in your vehicle relating to your work, may be deductible. If you are an employee you cannot deduct the mileage driven to and from your workplace.
Of course, you should always check everything with your accountant or tax person if you are unsure. Better to be safe than sorry when dealing with your taxes.
Mary Crawford, HealthCare Employment Network