Whenever you drive for business, medical purposes, a charitable organization or move for work, you may be able to get a mileage deduction and save money on your taxes. However, the optional standard mileage rates have decreased slightly from 2019.
For business use of a car, van, pickup truck, or panel truck, the rate for 2020 is 57.5 cents per mile, down from 58 cents per mile. The rate for medical or moving purposes is 17 cents per mile, down from 20 cents per mile.
Standard Mileage Rates
Medical or Moving Miles
57.5 cents per mile
17 cents per mile
58 cents per mile
20 cents per mile
The standard mileage rate for charitable service miles remains at 14 cents per mile.
There's an APP for that!
Whether you are in charge of your own business, manage multiple vehicles for a company or track mileage for personal use, there are many useful mileage tracking apps available for download. Many of the mileage tracking apps are 100% free and deliver some great features. Here are just a few with 4+ star ratings:
Of course there are many other apps that are just as good as these. Finding one that works for you can help you to accurately track your journey and simplify the way you run your business and personal traveling experience. Check out your preferred app store to download the mileage tracking app that works best for you.