Hello everyone! I hope you all had a wonderful President’s Day honoring our great leaders, such as our first president, George Washington, the honest Abraham Lincoln, and that girl Rachel from my fifth-grade class. Thank you to our leaders who help keep our country and classrooms running.
As the country changes and develops changes must be made. This week’s announcement is the mileage deduction you can get from operating vehicles for business, charitable, or medical purposes.
The IRS has released the 2020 optional standard mileage rates to calculate your deductible costs for operating a car:
- 5 cents per mile for business use
- 17 cents per mile for medical purposes
- 14 cents per mile for service of charitable organizations
Mileage used for business can also be reimbursed to employees.
Remember to record your mileage so you can get the most out of your business expenses and tax returns!
If you have any questions or concerns about taxes, accounting, or QuickBooks, call us at Stapley Accounting!