News & Events

A big change was announced by the IRS on Friday for the optional standard mileage rates for business use of a vehicle. This rate will increase significantly in 2019, after increasing only slightly last year. For business use of a car, van, pickup truck, or panel truck, the rate for 2019 will be 58 cents per mile, up from 54.5 cents per mile in 2018. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. Because the Tax Cuts and Jobs Act suspended the miscellaneous itemized deduction  for unreimbursed employee business expenses from 2018 to 2025, the notice explains that the standard mileage rate can't be used to claim a deduction for those expenses during that period. However, Read More...