The IRS recently issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning Jan. 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
• 57.5 cents per mile driven for business use, down one half of a cent from the rate for 2019,
• 17 cents per mile driven for medical or moving purposes, down three cents from the rate for 2019,
• 14 cents per mile driven in service of charitable organizations.
If you have questions regarding the standard mileage rates or any other tax-related issues, contact a member of the Crosslin tax team today. Thanks for your business!