10 THE QUEENS COURIER • JANUARY 4, 2018 FOR BREAKING NEWS VISIT WWW.QNS.COM
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CONVENIENT LIC LOCATIONS
41-18 CRESCENT ST,
LONG ISLAND CITY, NY 11101 | 718-707-0295
47-46 VERNON BLVD, SECOND FLOOR,
LONG ISLAND CITY, NY 11101 | 718-707-0295
*This is an optional tax refund-related loan from BofI Federal Bank, Member FDIC; it is not your tax refund. Loans are offered in
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Hernan Barona, E.A
hernan@savignano-cpa.com
www.savignano-cpa.com
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Mileage Rates
BY JOHN SAVIGNANO, CPA
The 2018 standard mileage rate
for business driving will rise to
54.5 cents a mile, up 1 cent from
2017. Businesses with four or
fewer vehicles can use this rate,
but each vehicle’s basis must
be reduced by the depreciation
component…25 cents a mile.
The rate for medical travel and
moving will go up 1 cent to 18
cents per mile. For now, the 2018
allowance for charitable driving
will stay put at 14 cents a
mile because it’s fixed by law,
although there is a legislative
proposal to annually adjust it.
You can also claim the cost of
parking and tolls. But you can’t
add the cost of fuel or repairs.
Nor can you use these rates if
you depreciated or expensed
the car.
John Savignano is a partner
with Savignano Accountants
& Advisors located at 47-46
Vernon Blvd., Second Floor, in
Long Island City. If you have
any questions or require additional
information, please call
John at 718-707-0955.
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