Effective January 1, 2020, new Internal Revenue Service optional standard mileage rates will take effect, as follows:
As always, taxpayers have the option of calcuating the actual costs of using their vehicle instead of using the standard mileage rates.
Key to remember is, under the Tax Cuts and Job Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses. Taxpayers also cannot claim a deduction for moving expenses, excepting active duty members of the Armed Forces moving under orders to a permanent change of station.
Tax, business, and consumer news and opinion. Curated and/or written by the HFG staff.
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