IRS Releases Standard Mileage Rates For 2020

CATEGORY: Private Education Matters
CLIENT TYPE: Private Education
DATE: Mar 04, 2020

The Internal Revenue Service (IRS) released the 2020 optional standard mileage rates for taxpayers to use to calculate the deductible costs of operating an automobile for business, charitable, or other purposes effective January 1, 2020.  The standard mileage rate for transportation or travel expenses is 57.5 cents per mile for all miles of business use.  The standard mileage rate is 14 cents per mile for use of an automobile in rendering gratuitous services to a charitable organization.  For more information, visit: https://www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2020.