IRS Sets Use Of Personal Vehicle Standard Reimbursement Rate At 57.5 Cents Per Mile For 2020, But You Might Save By Tracking Actual Expenses

The U.S. Internal Revenue Service on Tuesday announced the standard per-mile reimbursement rate for business use of personal vehicles would be 57.5 cents for next year, but your company doesn't have to use it. The 2019 rate is 58 cents per mile.

As an alternative, firms sometimes can save by deducting actual expenses such as depreciation or lease payments, gas, oil, tires, repairs, tune-ups, insurance and registration fees. Automation enables accuracy and reduces the time employees need to spend on . . .

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Jay Campbell

Author: Jay Campbell

Jay Campbell in 2004 created travel business newsletter The Beat, in 2006 co-founded Travel Procurement magazine and in 2010 integrated them with Business Travel News. He served as editorial director until 2013. Jay made his travel industry media debut in 1993 at the Air Travel Journal of Boston while earning his undergraduate degree in journalism at Boston University.

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