The IRS Standard Rate Goes Up For 2018-CarData Reviews Trends Over the Past Two Decades
AMHERST, N.Y., Dec. 21, 2017 /PRNewswire/ -- The IRS Standard Mileage Rate and FAVR plan maximum vehicle costs, are published annually in IRS Rev Procedure 2010-51 Notice 2018-03.
IRS STANDARD MILEAGE RATE
Effective January 1, the IRS Standard Mileage Rate for 2018 is up 1 cent to 54.5 cents per mile. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile.
The application for the IRS Standard Rate is to reimburse occasional business use.
The table below created by CarData Online displays the IRS Standard Rate for the past 25 years. During those 25 years, the IRS adjusted the Standard Rate in mid-year only four times, in 1999, 2005, 2008 and in 2011. Mid-term adjustments are a function of dramatic changes in fuel prices, as happened with Hurricane Katrina in 2005.
| IRS STANDARD MILEAGE RATE |
||
| Effective Date |
Until Date |
Rate Value |
| 2018 January |
54.50 |
|
| 2017 January |
2017 December |
53.50 |
| 2016 January |
2016 December |
54.00 |
| 2015 January |
2015 December |
57.50 |
| 2014 January |
2014 December |
56.00 |
| 2013 January |
2013 December |
56.50 |
| 2011 July |
2012 December |
55.50 |
| 2011 January |
2011 June |
51.00 |
| 2010 January |
2010 December |
50.00 |
| 2009 January |
2009 December |
55.00 |
| 2008 July |
2008 December |
58.50 |
| 2008 January |
2008 June |
50.50 |
| 2007 January |
2007 December |
48.50 |
| 2006 January |
2006 December |
44.50 |
| 2005 September |
2005 December |
48.50 |
| 2005 January |
2005 August |
40.50 |
| 2004 January |
2004 December |
37.50 |
| 2003 January |
2003 December |
36.00 |
| 2002 January |
2002 December |
36.50 |
| 2001 January |
2001 December |
34.50 |
| 2000 January |
2000 December |
32.50 |
| 1999 April |
1999 December |
31.00 |
| 1998 January |
1999 March |
32.50 |
| 1997 January |
1997 December |
31.50 |
| 1996 January |
1996 December |
31.00 |
| 1995 January |
1995 December |
30.00 |
| 1994 January |
1994 December |
29.00 |
IRS FAVR PLAN MAXIMUM VEHICLE COSTS
For purposes of computing the allowance under a FAVR plan, the maximum allowable cost in 2018 is $27,300 for automobiles (down from $27,900 in 2017 and from $28,000 in 2016); and $31,000 for trucks and vans (down from $31,300 in 2017 and now the same as it was in 2016 at $31,000).
Click HERE for more details on CarData Consultants, and how to find the best IRS compliant reimbursement plan for your business.
Please see official IRS release HERE.
About CarData Consultants CarData provides precision vehicle reimbursement programs for the mobile workforce. CarData services save money, reduce risk, and remove administration. CarData programs are compliant with the IRS and the CRA procedures.
MEDIA Contact: Megan Dean
Marketing Communications | CarData Consultants Inc.
Direct: 303-434-3307 | FAX: 929-235-7525
[email protected]
www.cardataconsultants.com
SOURCE CarData Consultants
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