IRS Announces 2020 Standard Mileage Rate

The Internal Revenue Service recently issued the revised standard mileage rate which is used to calculate the deductible costs of operating an automobile for business purposes during 2020.

Beginning January 1, 2020, the standard mileage rate for the use of a car for business purposes will be 57.5 cents per mile for business miles driven – a one half of a cent decrease per mile from the 2019 rate. The standard mileage rate is based on an annual study of the fixed and variable costs of operating an automobile.

Churches that follow an accountable reimbursement plan should use the new rate to budget expenses for 2020.

About benefitsboard

Art Rhodes is the President and CEO of the Church of God Benefits Board, Inc. - the administrator of the Ministers' Retirement Plan and the Church Loan Fund, Inc. The corporate offices of the Benefits Board are in Cleveland, TN.
This entry was posted in 01 - January 2020, 2020, Uncategorized. Bookmark the permalink.

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