Lower Gasoline Prices Means Decrease in Optional Standard Mileage Rates for 2021 Wage Base
By EsqSocial Corporation 28/12/20
The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2021, and the decrease in rates reflect the decrease in the fixed and variable costs of operating a vehicle. Effective January 1, 2021, the optional standard mileage rates will decrease to 56 cents per mile for business transportation, and decrease to 16 cents per mile for travel relating to medical...
By: Ruder Ware