IRS Issues Standard Mileage Rates For 2020

IRS Issues Standard Mileage Rates For 2020

Happy New Year from our Bormel, Grice & Huyett, P.A. family to yours!  As we all know, a new year comes with new tax updates, regulations, and rates.  The Internal Revenue Service issued a notice (Notice 2020-05), which provides the optional 2020 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes.

Beginning on January 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, and
  • 14 cents per mile driven in service of charitable organizations.

Please refer to the News Release below, as well as the 2020 optional standard mileage rate Notice below for further information.

 

News Release:

https://www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2020

Notice 2020-05:

https://www.irs.gov/pub/irs-drop/n-20-05.pdf

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The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

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