The Internal Revenue Service (IRS) on Jan. 1 will lower its mileage rate for business use of personal cars by one half-cent to 56 cents per mile.

Many companies use the rate to calculate reimbursements for employees who use personal vehicles for business, though the IRS noted that "taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates."

The IRS adjusts the rate annually based on analysis "of the fixed and variable costs of operating an automobile."

Source: Business Travel News

Comments

From Our Partners

2021 Quebec Webinar
Bonjour Québec: It’s Vibrant Cities and Culture
Watch Now
USTOA 2021 horizontal
USTOA 2021
Read More
2021 Outlook Webinar
Outlook 2021
Watch Now

JDS Travel News JDS Viewpoints JDS Africa/MI