The standard mileage rate for transportation and travel expenses involving the business use of an automobile in 2020 is to decline to 57.5 cents a mile from 58 cents a mile in 2019, the Internal Revenue Service said Dec. 31.
The rate and other guidance were published in Notice 2020-05, the agency said in a news release.
The standard mileage rate for medical or moving purposes fell to 17 cents a mile from 20 cents. The rate for charitable purposes, which is set by statute, remains 14 cents a mile.
The maximum standard automobile cost that may be ...
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