IRS Announces 2019 Standard Mileage Rates

The IRS has announced the 2019 optional standard mileage rates for computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes.

Effective January 1, 2019, the standard mileage rates are as follows:

Business use of auto: 58 cents per mile may be deducted if an auto is used for business purposes (unreimbursed employee travel expenses are not currently deductible as miscellaneous itemized deductions)

Charitable use of auto: 14 cents per mile may be deducted if an auto is used to provide services to a charitable organization

Medical use of auto: 20 cents per mile may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons)

Moving expense: 20 cents per mile may be deducted if an auto is used by a member of the Armed Forces on active duty to move pursuant to a military order to a permanent change of station (the deduction for moving expenses is not currently available for other taxpayers)

You can read IRS Notice 2019-02 here.

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Content provided by Forefield for use by Eliot M. Weissberg, CFP®, CFS, of Raymond James Financial Services, Inc., Member FINRA/SIPC. The Investors Center, Inc. is an independent company. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from various sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Eliot Weissberg and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice.

This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Past performances may not be indicative of future results. You should discuss any tax or legal matters with the appropriate professional.

approved through 2/2/19

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