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29.12.2020 14:38:00
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IRS Announces Drop in Standard Mileage Rate by 1.50 Cents in 2021
AMHERST, N.Y., Dec. 29, 2020 /PRNewswire/ -- CarData Consultants provides The IRS Standard Mileage Rate and FAVR plan maximum vehicle costs, which are published annually in IRS Rev Procedure 2010-51 Notice 2020-2.
2021 IRS STANDARD MILEAGE RATE
Effective January 1 2021, the IRS Standard Mileage Rate for 2021 is down 1.50 cents to 56 cents per mile. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile.
The application for the IRS Standard Rate is to reimburse occasional business use.
IRS STANDARD MILEAGE RATE TRENDS
The table below created by CarData Online displays the IRS Standard Rate for the past 27 years. During those 27 years, the IRS adjusted the Standard Rate in mid-year only four times, in 1999, 2005, 2008 and in 2011. Mid-term adjustments are a function of dramatic changes in fuel prices, as happened with Hurricane Katrina in 2005.
IRS STANDARD MILEAGE RATE | ||
Effective Date | Until Date | Rate Value |
2021 January | 56 | |
2020 January | 2020 December | 57.50 |
2019 January | 2019 December | 58.00 |
2018 January | 2018 December | 54.50 |
2017 January | 2017 December | 53.50 |
2016 January | 2016 December | 54.00 |
2015 January | 2015 December | 57.50 |
2014 January | 2014 December | 56.00 |
2013 January | 2013 December | 56.50 |
2011 July | 2012 December | 55.50 |
2011 January | 2011 June | 51.00 |
2010 January | 2010 December | 50.00 |
2009 January | 2009 December | 55.00 |
2008 July | 2008 December | 58.50 |
2008 January | 2008 June | 50.50 |
2007 January | 2007 December | 48.50 |
2006 January | 2006 December | 44.50 |
2005 September | 2005 December | 48.50 |
2005 January | 2005 August | 40.50 |
2004 January | 2004 December | 37.50 |
2003 January | 2003 December | 36.00 |
2002 January | 2002 December | 36.50 |
2001 January | 2001 December | 34.50 |
2000 January | 2000 December | 32.50 |
1999 April | 1999 December | 31.00 |
1998 January | 1999 March | 32.50 |
1997 January | 1997 December | 31.50 |
1996 January | 1996 December | 31.00 |
1995 January | 1995 December | 30.00 |
1994 January | 1994 December | 29.00 |
Please see official IRS release HERE.
Click HERE for more details on CarData Consultants, and how to find the best IRS compliant reimbursement plan for your business.
About CarData Consultants CarData provides precision vehicle reimbursement programs for the mobile workforce. CarData services save money, reduce risk, and remove administration. CarData programs are compliant with the IRS and the CRA procedures.
MEDIA Contact: Megan Dean
Marketing & Sales Specialist | CarData Consultants Inc.
Direct: 303-434-3307 | FAX: 929-235-7525
261975@email4pr.com
www.cardataconsultants.com
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SOURCE CarData Consultants
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