With the Tax Cuts and Jobs Act reportedly headed for the President's desk shortly, many clients are asking what they can do before year-end to best position themselves for tax savings, and to avoid or soften the impact of disappearing deductions.
to read our 2017 Tax Reform Client Letter that offers year-end moves that can accomplish those goals.
In addition, please note that the Internal Revenue Service issued the 2018 standard mileage rates.
Beginning on January 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017.
- 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.
- 14 cents per mile driven in service of charitable organizations.