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    Month: December 2018

    Standard Mileage Rate

    The IRS has released the 2019 standard mileage rate.  For business travel, it is 58 cents per mile (up from 54½ cents in 2018).  For medical-related travel, it is 20 cents per mile (up from 18 cents in 2018).  The rate for charitable use of an automobile is not subject to adjustment, and it remains 14 cents per mile.

    2019 Estate Tax Exclusion

    The 2019 federal estate and gift tax exclusion will be $11,400,000 (up from $11,180,000 in 2018). The New York estate tax exclusion has not increased to match the new federal level.  (There is no gift tax in New York State.)  In 2019, the estate tax exclusion will increase to $5,740,000 (up from $5,250,000 for decedents who die on or after April 1, 2017 and before January 1, 2019).