The optional standard mileage rates taxpayers use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes are going up for 2019. Keep in mind, though, that there are also new rules to consider under the Tax Cuts and Jobs Act, and not everyone can deduct these expenses.
Notably, for self-employed business owners there will be an increase to 58 cents per mile for cars, vans, pickups, or panel trucks used for business.The IRS has issued Notice 2019-02, available here, which details all of the new rates.
The notice also provides the amount taxpayers must use in calculating reductions to basis for vehicle depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.
An overview of the recently issued notice, including eligibility limitations and can be found on the official IRS website here.
