The Internal Revenue Service has issued its 2018 optional standard mileage rates. Effective January 1st, 2018, the IRS standard rate will be 54.5 cents per mile driven for ministry or business purposes (The new rate is up from 53.5 cents per mile for 2017 because of higher gas prices ). Use of this rate is optional, though it is widely seen by churches as a simple way to determine a standard rate for calculating mileage reimbursement for employees who use their personal vehicle for ministry or business purposes. If your organization uses the IRS rate to calculate mileage reimbursement, be sure to update your systems to account for this change.
For more details, click here to view the mileage rate history.
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This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.
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