The IRS Standard Rate Goes Up For 2018-CarData Reviews Trends Over the Pasts 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
187878@email4pr.com
www.cardataconsultants.com
View original content with multimedia:http://www.prnewswire.com/news-releases/the-irs-standard-rate-goes-up-for-2018-cardata-reviews-trends-over-the-pasts-two-decades-300574459.html
SOURCE CarData Consultants
