IRS Announces 2020 Mileage Reimbursement Rates

Today the IRS announced the 2020 mileage reimbursement rates. The business mileage rate has been lowered from $0.58/mile in 2019 to $0.575/mile in 2020. The final move deductible rate has also been lowered from $0.20/mile in 2019 to $0.17/mile in 2020.

Please keep in mind that final move mileage (along with shipment, storage, and final move costs) are taxable since January 1, 2018 with the exception of military moves and certain states. The charitable mileage rate remains unchanged at $0.14/mile. See all of the details here: IRS Notice 2020-05.

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s