Standard Mileage Rates for 2020

The Internal Revenue Service announced in Notice 2020-05, the standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes in 2020.
 
Beginning on January 1, 2020, the standard mileage rates for the use of a vehicle will be:

  • 57.5 cents per mile for business use
  • 17 cents per mile for medical or moving purposes
  • 14 cents per mile for charitable purposes

The Tax Cuts and Jobs Act suspends the miscellaneous itemized deductions for unreimbursed employee travel expenses. In addition, taxpayers cannot claim a deduction for moving expenses, except for members of the Armed Forces on active duty moving under orders to a permanent change of station.
For more information or assistance, please contact your trusted ACT representative.