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.
Notice 2020-05:Back To List