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January 9, 2020

IRS Announces 2020 Standard Mileage Rates

The IRS has announced the 2020 optional standard mileage rates for computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes.


Effective January 1, 2020, the standard mileage rates are as follows:


Business use of auto: 57.5 cents per mile may be deducted if an auto is used for business purposes (unreimbursed employee travel expenses are not currently deductible as miscellaneous itemised deductions)


Charitable use of auto: 14 cents per mile may be deducted if an auto is used to provide services to a charitable organisation

Medical use of auto: 17 cents per mile may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons)


Moving expense: 17 cents per mile may be deducted if an auto is used by a member of the Armed Forces on active duty to move pursuant to a military order to a permanent change of station (the deduction for moving expenses is not currently available for other taxpayers)


You can read IRS Notice 2020-05 here.

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