Standard mileage rates for 2018 are $0.54 for every mile of business travel driven (a 1 cent increase from 2017). The rate per mile driven in service of charitable organizations remains at $0.14.
Per diem rates for business travel meals and lodging also change yearly. The GSA Per Diem Rate Table is usually updated on October 1. Note: If you reimburse an employee for per diem expenses in excess of the allowable GSA rate, it counts as taxable income to the employee. Also, be aware of the high reimbursement areas of the country. For example, the per diem rate in Aspen is higher than the standard rates of other cities in Colorado; there are similar cities in which this rule applies across the country.
While mileage and per diem rates continually change, one factor still holds true when it comes to business travel expenses – document everything and save those receipts. Apps like Expensify and ReceiptBank make it easy to scan, save, organize, and document business receipts.
In terms of business travel expenses and considerations there, this article by The Balance Small Business sums it up well. Their article on how to deduct business travel expenses is also helpful.
ASAP is not a CPA and does not hold ourselves out to be tax experts. It is wise to consult with your CPA directly on all the changes that will impact your 2018 tax returns as well as changes slated for 2019.