IRS Announces Drop in Standard Mileage Rate by 1.50 Cents in 2021

29/12/2020 06:38

AMHERST, N.Y., Dec. 29, 2020 /PRNewswire/ -- CarData Consultants provides The IRS Standard Mileage Rate and FAVR plan maximum vehicle costs, which are published annually in IRS Rev Procedure 2010-51 Notice 2020-2.

2021 IRS STANDARD MILEAGE RATE

Effective January 1 2021, the IRS Standard Mileage Rate for 2021 is down 1.50 cents to 56 cents per mile. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile.

The application for the IRS Standard Rate is to reimburse occasional business use.

IRS STANDARD MILEAGE RATE TRENDS

The table below created by CarData Online displays the IRS Standard Rate for the past 27 years. During those 27 years, the IRS adjusted the Standard Rate in mid-year only four times, in 1999, 2005, 2008 and in 2011. Mid-term adjustments are a function of dramatic changes in fuel prices, as happened with Hurricane Katrina in 2005.

IRS STANDARD MILEAGE RATE
Effective Date	Until Date	Rate Value
2021 January		56
2020 January	2020 December	57.50
2019 January	2019 December	58.00
2018 January	2018 December	54.50
2017 January	2017 December	53.50
2016 January	2016 December	54.00
2015 January	2015 December	57.50
2014 January	2014 December	56.00
2013 January	2013 December	56.50
2011 July	2012 December	55.50
2011 January	2011 June	51.00
2010 January	2010 December	50.00
2009 January	2009 December	55.00
2008 July	2008 December	58.50
2008 January	2008 June	50.50
2007 January	2007 December	48.50
2006 January	2006 December	44.50
2005 September	2005 December	48.50
2005 January	2005 August	40.50
2004 January	2004 December	37.50
2003 January	2003 December	36.00
2002 January	2002 December	36.50
2001 January	2001 December	34.50
2000 January	2000 December	32.50
1999 April	1999 December	31.00
1998 January	1999 March	32.50
1997 January	1997 December	31.50
1996 January	1996 December	31.00
1995 January	1995 December	30.00
1994 January	1994 December	29.00

Please see official IRS release HERE.

Click HERE for more details on CarData Consultants, and how to find the best IRS compliant reimbursement plan for your business.

About CarData Consultants CarData provides precision vehicle reimbursement programs for the mobile workforce. CarData services save money, reduce risk, and remove administration. CarData programs are compliant with the IRS and the CRA procedures.

MEDIA Contact: Megan Dean
Marketing & Sales Specialist | CarData Consultants Inc.
Direct: 303-434-3307 | FAX: 929-235-7525
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www.cardataconsultants.com

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