Tax Update – IRS Announces 2021 Standard Mileage Rates

By December 29, 2020Industry Updates
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The Internal Revenue Service has announced the standard mileage rates for 2021. The rate will be 56 cents per mile for all business miles driven after December 31, 2020. This is a decrease from the 57.5 cent rate that was in effect for 2020. The standard mileage rate for medical and moving expenses has been decreased to 16 cents per mile from 17 cents per mile. The standard mileage rate for charitable purposes, however, remains unchanged at 14 cents per mile.

If you wish to discuss any of the matters in this update in more detail, please contact Chuck Marston, Rich Pacella, or Danelle Stewart at cmarston@srsnodgrass.com, rpacella@srsnodgrass.com, or dstewart@srsnodgrass.com or 724-934-0344.

Posted 12/29/20

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