Internal Revenue Service adjusts more than 40 tax provisions each year mostly taking account the inflation rate and the changes to the cost of living overall. This applies to Mileage Rates that are going to be used for that particular year as well. Although at first most citizens think that it’s General Services Administration’s (GSA) job to do, IRS takes this into account since these are directly related to tax deductions.
The agency releases the mileage rates each year with a notice. This year, Notice 2019-02 was released at the beginning of the year, covering all the three main categories for the mileage rates that are going to be used at the start of the year to the end. The main categories for it are business, medical or moving, and for charitable organizations. Although there is a minor increase from the previous years, miles driven in service of charitable organizations didn’t see any increase at all.
Here are the mileage rates for 2019 divided into three.
- Business: 58 cents per miles driven
- 54.5 cents in the previous year
- Medical and moving purposes: 20 cents per miles driven
- 18 cents in the previous year
- In service for charitable organizations: 14 cents per miles driven
There are three months left to go this year and if you want to get ahold of the mileage rates for the next year (2020), click the link below to visit our article.