The IRS has announced the standard mileage rates for certain types of driving in 2019 (Notice 2019-02). Beginning on January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck will be:
- 58 cents per mile driven for business use, up 3.5 cents from the rate for 2018,
- 20 cents per mile driven for medical, up 2 cents from the rate for 2018, and
- 20 cents per mile driven for moving for those in the Armed Forces, up 2 cents from the rate for 2018, and
- 14 cents per mile driven in service of charitable organizations (this is a statutory rate that the IRS cannot increase).
The deemed depreciation rate for a vehicle that uses the IRS mileage rate for business driving in 2019 is 26 cents per mile, up from 25 cents per mile in 2018.
Source : JK Lasser Posts >> Tax News