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Planning to take the standard mileage deduction?

Updated: Sep 27, 2018

The standard mileage rate for 2018 is 54.5 cents per mile for business miles driven.


If you plan to take the standard mileage deduction. Be sure to maintain a detailed log throughout the year that includes the following :


-date of trip

-miles driven

-purpose of trip

-trip details (where did you go who did you meet with)


**Get in the habit of recording your odometer reading at the start and finish of each year so that you can have an idea of how many miles you've driven during the year. Then simply multiply  business miles by the standard mileage rate.


Example:

4500 business miles × .545 = A standard mileage deduction of $2,452.50

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