IRS Announces 2019 Standard Mileage Rates
The IRS has announced the 2019 optional standard mileage rates for computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes.
Effective January 1, 2019, the standard mileage rates are as follows:
– Business use of auto: 58 cents per mile may be deducted if an auto is used for business purposes (unreimbursed employee travel expenses are not currently deductible as miscellaneous itemized deductions)
– Charitable use of auto: 14 cents per mile may be deducted if an auto is used to provide services to a charitable organization
– Medical use of auto: 20 cents per mile may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons)
– Moving expense: 20 cents per mile may be deducted if an auto is used by a member of the Armed Forces on active duty to move pursuant to a military order to a permanent change of station (the deduction for moving expenses is not currently available for other taxpayers)
You can read IRS Notice 2019-02 here.
Summit Financial Group, LLC All Rights Reserved
The Client Relationship Summary (or Form CRS) contains important information regarding products, services and fees. Click the icon to learn more.
Summit Financial Group LLC is independently owned and operated, and offers its own suite of products and services entirely independent of Securian. TR#3093842. DOFU 05/2020.