The IRS released Notice 2021-02, which details the standard mileage rates for 2021. These optional standard mileage rates can be used by taxpayers to calculate the amount of deductible costs for use of their vehicles for business, charitable, medical, or moving purposes.
Starting on January 1, 2021, the standard mileage rates listed below are applicable for use of a car, van, pickup, or panel truck:
- 56 cents per mile driven for business use
- 16 cents per mile driven for medical or qualified moving purposes
- 14 cents per mile driven in service of charitable organization
While these standard mileage rates are provided by the IRS, taxpayers have the option of calculating actual costs for the use of their vehicles instead.
