By Payroll and Entitlements Editorial Staff
The IRS issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile driven for business use, down 1.5 cents from the rate for 2020, 16 cents per mile driven for medical or moving purposes for qualified active duty members of the Armed Forces, down 1 cent from the rate for 2020, and 14 cents per mile driven in service of charitable organizations, the rate is set by statute and remains unchanged from 2020. (IRS News Release IR-20-279, December 22, 2020; IRS Notice 21-02, IRB 2021-02, dated January 1, 2021).
Interested in submitting an article?
Submit your information to us today!Learn More