New Mileage Rates for 2021
Reminder
January 15, 2021
Tax Filing Extended to May 17
March 29, 2021
The optional standard mileage rates for business use of a vehicle will decrease in 2021, after increasing slightly last year, the IRS announced. For business use of a car, van, pickup truck, or panel truck, the rate for 2019 will be 56 cents per mile down from 57 cents per mile in 2020. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.
Driving for medical or moving purposes (moving mileage allowed for armed forces personnel only) may be deducted at 16 cents per mile, which is one cent lower than for 2020. The rate for service to a charitable organization is unchanged, set by statute at 14 cents per mile.
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