Standard mileage rates to increase in 2019

The standard mileage rate for business travel is increasing in 2019 by more than 3 cents per mile.

Beginning Jan. 1, 2019, the standard mileage rate for transportation or travel expenses is 58 cents per mile, up 3.5 cents from 2018 when it was 54.5 cents per mile.

The Tax Cuts and Jobs Act suspended from 2018 through 2025 all miscellaneous itemized deductions subject to the 2 percent-of-adjusted gross income (AGI) floor, including unreimbursed employee travel expenses.

The standard mileage rate for service to a charitable organization remains unchanged at 14 cents per mile.

Lindsey Pierce, CPA, is a partner with Antares Group, Inc. She can be reached at lpierce@antarescpas.com.