The IRS released the optional standard mileage rates for 2021. Most taxpayers may use these rates to compute deductible costs of operating vehicles for: business, medical, and charitable purposes. Some members of the military may also use these rates to compute their moving expense deductions.
The standard mileage rates for 2021 are:
• 56 cents per mile for business use
• 16 cents per mile for medical use
• 14 cents per mile for charitable use
Taxpayers may use these rates, instead of their actual expenses, to calculate their deductions for business, medical or charitable use of their own vehicles.
COMMENT IMAGES PULLED FROM FACEBOOK, TWITTER, AND GRAVATAR.COM