The Internal Revenue Service recently announced the inflation-adjusted 2024 mileage reimbursement rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning Jan. 1, the 2024 mileage reimbursement rates for the use of a car (or a van, pickup or panel truck) are: Business standard mileage rates …
Switching between the Actual Expense and Standard Mileage Rate Methods
Standard Mileage Rates for 2021 Just Announced
Recently, the IRS announced the standard mileage rates for 2021 which outlines the use of a vehicle for business, medical and moving purposes. This baseline is based on a number of factors in order to determine the standard mileage rates for the following year. Recently, the IRS announced the 2021 optional standard mileage rates. Thus, …
2020 Standard Mileage Rates Announced
The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a number of factors, to determine the standard mileage rates for the following year. As it does annually around the end of the year, the IRS has announced the 2020 standard mileage rates. Thus, beginning on Jan. …
