IRS Standard Business Mileage Tax Deduction Rate

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IRS Standard Business Mileage Tax Deduction Rate

There has been a recent increase in the standard mileage tax deduction rate. It has increased from the previous 48.5 cents per mile to 50.5 cents per mile.

The new standard deduction will include cars, vans, pickups, and or panel trucks. The IRS allows you to deduct your auto expenses for visits to customers and clients as well as any business appointment that is away from your usual workplace. If you are a business owner then you may also deduct expenses when traveling to pick up supplies.

Standard Vs. Actual

You can decide to either take the standard deduction mileage rate or you can deduct the actual vehicle expenses. This would include the following items:

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