Truemag

  • Newsletters
  • Thought Leadership
  • Mobility
  • Safety
  • Work Trucks
  • Videos
  • Home
  • Subscribe
  • Contact Us
  • Media Kit
  • Who We Are

IRS Announces 2018 Business Mileage Rate of 54.5 Cents-Per-Mile with Cost Data and Analysis by Runzheimer

Working with Runzheimer the Internal Revenue Service (IRS) today announced the new national, optional business mileage deduction rate of 54.5¢, which goes into effect January 1, 2018.

The 2018 rate represents a 1 cent increase from the current 2017 rate of 53.5 cents-per-mile.

“Across the US the average costs of owning and operating a vehicle rose just one cent over the last reporting period for this cost analysis. All of the ownership and operating costs have been relatively stable, with fuel costs showing the greatest increase, offset by small decreases in vehicle ownership costs,” said Donna Koppensteiner-Reidy, Senior Vice President of Business Development and Marketing at Runzheimer.

Since 1980, the IRS has worked with Runzheimer to calculate the business mileage deduction rate, using a consistent method and statistical analysis of vehicle cost components. Using detailed data from across the nation, the rate measures auto insurance premiums, maintenance costs, vehicle depreciation, fuel and other costs that reflect the movement of prices in the marketplace.

“The new rate may be used by taxpayers to compute the maximum deductible costs of operating a passenger vehicle for business purposes, as an alternative to tracking and deducting their actual costs. Many businesses also use this rate to create budgets and to reimburse their employees for reasonable business vehicle costs,” according to Mike Bassi, Director of Strategic Partnerships.

U.S. taxpayers and companies can deduct this new standard mileage rate amount on their 2018 tax return for recorded business miles in a personal vehicle.

For more information about Runzheimer’s IRS-compliant, business vehicle reimbursement solutions, please visit www.runzheimer.com.

 

Dec 17, 2017connieshedron
'ACES' will Drive Disruption in the Auto IndustryWant to Help Your Clients? Stay Calm!
Recent Posts
  • The Hidden Liability Lurking in Your Fleet: Why Open Recalls Put Your Business at Risk
  • Best Cars for College Students
  • Saving 45W: American Fleet Leadership Coalition Rallies to Protect the Future of EVs
  • A Call to Action: The Value of AI Agents in Creating the Most Effective and Profitable Fleet Marketing Programs
  • Police in 28 States Are Pulling Drivers Over for Breaking the “No Touch” Rule
  • Ranger Design Launches First-to-Market Upfit Packages for BrightDrop 400 & 600
  • Nussbaum Selects Lytx to Elevate its Innovative Approach to Video Safety
  • Green Fleet Awards: Join the Ranks of the Top Green Fleets!
  • AFLA Education – Fleet Safety Module Now Available!
  • The $250 EV Tax Has No Legal Precedent in Over 200 Years
ASSOCIATION NEWS
Green Fleet Awards: Join the Ranks of the Top Green Fleets!
AFLA Education – Fleet Safety Module Now Available!
NAFA Webinar: Federal & State Policy Developments Fleet Managers Need to Know
NAFA Opens Applications for 2025 Green Fleet Awards, Celebrating Sustainable Fleet Practices
2025 NAFA I&E Wrap Up: A Promising and Productive Fleet Conference
AFLA Education – A New Learning Experience!
NAFA and The Hourglass Foundation Announce Philanthropic Alliance Partnership
TECHNOLOGY
Volvo Reinvents the Seatbelt Again: Smart Safety Tech Debuts on EX60
‘Who Are My Safest Drivers?’ Fleet Managers Turn to AI for Safety Insights
EVAI Survey: Opportunities, Challenges with GPT Interfaces for Fleet Management; Adoption Still in Early Stages
Fleetio Launches Advanced Analytics to Help Fleets Turn Data into Action
SOFICO Marks Global Expansion and Product Acceleration with New Strategic Identity
Fleetology: Fleet Vehicle Fuel-Saving Innovations in 2025 – Progress, Adoption, and Returns
Chevin Fleet Solutions Launches Smart Integrate: Seamless API Integrations for FleetWave
CONFERENCES & WEBINARS
NTEA 2025 Executive Leadership Summit: Registration Opens
NETS 2025 Strength IN Numbers® Fleet Safety Benchmark Conference: Registration Open
2025 NAFA I&E Wrap Up: A Promising and Productive Fleet Conference
Kudos, Caution and a Master Class
NAFA’s 2025 Media Day Highlights Groundbreaking Innovations
NAFA Announces Lineup for 2025 Indoor EV Test Track and Ride & Drive Experience at I&E
Fleet Advantage Offers Free Fleet Audits at ACT Expo; Address Tariffs, AI and Data Accuracy
INDUSTRY ANNOUNCEMENTS
Element, Samsara Partner to Launch Comprehensive Fleet, Ops Management Offering Across Canada, US
NAFA Webinar: Federal & State Policy Developments Fleet Managers Need to Know
Applications are Now Open to the 2025 Green Fleet Awards!
Wheels Honored with Multiple Stevie Awards: Innovation, DEI Achievement, and Corporate Social Responsibility
Vincentric Announces 2025 Best Fleet Value in America™ Awards: Ford, Toyota, and Stellantis Outperform the Competition
Vincentric Analysis of Electric Vehicles Finds 44% Have Lower Ownership Costs Than Comparable Gas Alternatives
Don’t Miss Out on The Fleet Event of the Year

Fleet Management Weekly Newsletter Archive
Access to back issues of the FMW newsletter.

FMW Mobility
How mobility is rapidly changing the fleet management landscape.

Newsletter

Subscribe

FMW Fleet Videos
Video clips of industry leaders speaking on a variety of engaging hot topics in fleet.

2014-2020 © Fleet Management Weekly