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This notice 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.
Mileage rates for all years (cents/mile) Find standard mileage rates to calculate the deduction for using your car for business, charitable, medical or moving purposes.
Section 63(c)(2) provides the standard deduction for use in filing individual income tax returns. See all standard deductions by year and legislative history.
9 sty 2020 · For 2020, the business standard mileage rate is 57.5 cents per mile (a half-cent decrease from the 2019 rate), and the rate when an automobile is used to obtain medical care —which may be deductible under Code § 213 if it is primarily for, and essential to, the medical care— is 17 cents per mile (a 3-cent decrease from the 2019 rate) (see ...
12 sty 2024 · To use the standard mileage method, keep track of the miles you drive for business throughout the tax year and multiply that number by the standard mileage rate. The standard mileage rate for 2023 is 65.5 cents per mile. This amount increases to 67 cents per mile for 2024.
18 gru 2023 · The standard mileage rate, also known as the mileage per diem or deductible mileage, is the default cost per mile set by the Internal Revenue Service (IRS) for taxpayers who deduct the...
The IRS today issued an advance version of Notice 2020-05 providing the standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical or moving purposes in 2020.
