Mileage Rates are one of the most important factors when driving for business related work duties or for moving purposes. There are so many factors and ways that can change the mileage rates. all of the rates are regulated and controlled by the Internal Revenue Service.
At the start of each year, the IRS announces the mileage rates for that particular year, the agency hasn’t announced the rates for 2020 but we can take a look at 2019’s to get an idea of what it might be.
Here are the mileage rates for the current year:
- 58 cents per mile for business use
- 20 cents per mile for moving purposes or medical
- Business use mileage rate has gone up 3.5 cents from the previous year so the rate for 2020 might be around 60 to 62 cents per mile. On the other hand, not much of increase had happened to move and medical mileage rates. It is expected that it will be pretty much the same for the next year.