• Denise Hue

Standard Mileage Allowance - 2019 and 2020

Standard Mileage Allowance

The 2020 and 2019 standard mileage rates for the use of a care, van, pickup or panel truck are as follows:

You choose whether to use the standard mileage rate or actual expenses in the first year you use your vehicle. If you do not use the allowance in the year you first use the vehicle for business, you may not use the allowance for that vehicle in any other year.

The allowance takes the place of fixed operating costs plus depreciation. If you claim the allowance, you cannot deduct your actual outlays for expenses such as gasoline, oil, repairs, license tags, insurance, depreciation or lease payments.

Parking fees and tolls during business trips are deductible in addition to the mileage allowance.

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©2020 by Denise Hue.