New Mileage Rate Announced by IRS
The IRS has just announced the optional standard mileage rates for the 2019 tax year. The new rate is 58 cents for business miles driven. That is up from the current 54.5 cents for the 2018 tax year.
The new rate for miles driven for medical and moving purposes has been increased to 20 cents per mile, up from the current 18 cents per mile. For the years 2018 through 2025 the deduction for moving is only allowable for members of the armed forces on active duty who move for PCS.
The new rate for miles driven in service for charitable organizations is now 14 cents.
If you are thinking of buying or selling an home in Maryland give us a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market. Remax New Beginnings and I are connected with some of the brightest and best real estate agents in the world and can assist with your move here in Maryland or anywhere in the United States or abroad. Ask me how.
June Piper-Brandon ~ Associate Broker ~ CDPE, CIAS, ePro, MRP
The Traczyk Team
Remax New Beginnings