Decrease to the Cents Per Mile Rate for 2020

The optional standard cents per mile rate for 2020 decreased by one-half cent, to 57.5 cents per mile. This deduction individuals use to calculate the deductible costs of operating an automobile for business. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019. UPDATE: 2021 Cents … Continue reading “Decrease to the Cents Per Mile Rate for 2020”