The Cents-Per-Mile Rate for Business Driving Goes Down Slightly
The cents-per-mile rate for business driving goes down slightly. The IRS has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, medical and charitable purposes. IRS Notice 2020-5 provides that the 2020 standard mileage rate for transportation or travel expenses is 57.5 cents (down from 58 cents per mile for 2019) for all miles of business use.
For medical driving, the 2020 standard mileage rate is 17 cents per mile. The standard mileage rate is 14 cents per mile for use of an auto in rendering services to a charitable organization.
If you have any questions, please contact one of our tax professionals at (973) 298-8500 or email@example.com.