It’s almost time to break out the champagne and welcome in the new year, so here’s a friendly reminder for our US-based customers to update your mileage rate according to the new IRS standard.
Beginning January 1, 2018, the business standard mileage rate will be 54.5 cents per mile, up from 53.5 cents per mile in 2017. For more details, check out IRS.gov.
How to Update Mileage Rates in Expensify
For Policy Admins:
Update the rates for your Company Policy by going to Admin > Policies > [Policy Name] > Expenses. Scroll down to the Distance section to enter a new mileage reimbursement rate.
For Employees and Individuals:
If you’re not on a company expense policy and/or want to update the mileage rate for yourself, click on your profile icon in the upper left corner and select Account Settings > Preferences. Scroll down to the Distance section to enter a new mileage reimbursement rate.
This new rate will be applied to all expenses and policies created after the rate has been changed. Don’t worry, updating the rate won’t apply retroactively to unsubmitted expense reports.
Cheers to a smooth road ahead and a happy 2018!
P.S. Want to start tracking your business mileage expenses? Learn how here!
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