IRS Announces Drop in Standard Mileage Rate by 1.50 Cents in 2021
Effective January 1 2021, the IRS Standard Mileage Rate for 2021 is down 1.50 cents to 56 cents per mile. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The application for the IRS Standard Rate is to reimburse occasional business use. IRS STANDARD MILEAGE RATE TRENDS The table below created by CarData Online displays the IRS Standard Rate for the past 27 years. During those 27 years, the IRS adjusted the Standard Rate in mid-year only four times, in 1999, 2005, 2008 and in 2011. Mid-term adjustments are...
Source: prnewswire.com