IRS Announces 2018 Standard Mileage Rates
On December 14, 2017 the Internal Revenue Service issued IR-2017-204. This annual document announced the 2018 standard mileage rates for business, medical and moving expenses.
What does this mean to your business?
- The rate for business miles is 54.5 cents per mile, up from 53.5 cents for 2017
- 18 cents per mile driven for medical or moving purposes, up from 17 cents for 2017
- The rate remains 14 cents per mile for driving for service on behalf of a charitable organization
When entering mileage, an employee has the option of entering an odometer change, miles driven, or can calculate the distance driven by using Google Maps directly from our application. When the miles driven are calculated by any of the above options, the rate set up for your company is multiplied automatically to provide you the total mileage amount.
How to update the mileage rates for your business?
Company owner or admins can easily update the mileage rates on or after January 1, 2017 by following these 4 simple steps.
- Sign into TriNetExpense.com
- Go to Settings > Company Settings > Company Settings
- Enter the new mileage reimbursement rate
- Click “Save”
For further assistance, please contact email@example.com.