IRS fuel Mileage reimbursement calculator for the tax year 2020 helps a taxpayer to compute deduction allowable as per the standard mileage rate declared by IRS under mileage reimbursement policy, whichever is greater from the gross total income. You can read the announcement by IRS about the mileage reimbursement rate for the tax year 2020.
2020 Standard Mileage Rate
First, know the new rates applicable for mileage reimbursement in the tax year 2020.IRS announced that Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) would be:
- 57.5 cents per mile driven for business use,
- 17 cents per mile driven for medical or moving purposes,
- 14 cents per mile driven in service of charitable organizations.
You can read mileage reimbursement rates for 2019
2020 Mileage Reimbursement Calculator
The quick mileage reimbursement calculator requires you to input just the number of miles traveled for business purpose, medical and charitable purpose. This calculator also calculates 2020 Mileage Reimbursement
Calculation Method for mileage deduction
In order to compute the deductible business, moving, medical or charitable expense, you simply multiply the standard mileage rates by the number of miles travelled. You need to remove the miles covered for personal purposes.
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