McVay Business Services - Accounting & Tax Services Pensacola, FL
Attention drivers, the 2019 standard mileage rates have been released. The IRS announced the rates today, which are used for determining the deduction for the costs of operating a vehicle for various business, charitable, moving, or medical reasons.
What are the changes for 2019?
Starting January 1st 2019, the standard mileage rates (for use of a car, van, pickup or panel truck) are:
Make note that under the Tax Cuts and Jobs Act (TCJA), taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses. Also, taxpayers are unable to claim a deduction for moving expenses (unless the taxpayer is a member of the armed forces on active duty moving under orders to a permanent change of station).
How are the rates calculated?
There are various factors that influence the standard mileage rates, including:
How can I reduce my fuel consumption?
Looking for ways to save money and reduce fuel consumption? There are a few things you can do to make the most out of a tank of gas:
No, taxpayers always have the option to claim deductions based on the actual costs of using a vehicle, as an alternative to using the standard mileage rates.
Questions on the standard mileage rates for 2019? Contact Mike McVay, Tax Accountant 850-725-5696 - www.PensacolaFLTax.com - Mike@MikeMcVay.com
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Mike McVay, Tax Accountant Blog
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