Standard Mileage Rates for 2020
The Internal Revenue Service (IRS) has released its 2020 standard mileage rates to use when calculating deductible costs of operating an automobile for business and moving purposes.
Beginning on January 01, 2020, the standard mileage rates will be increasing. In Notice 2019-215, the new rates are listed as:
- 57.5 cents per mile driven for business
- 17 cents per mile driven for moving purposes
The University will adhere to these standard mileage rates.