What Is The Current Federal Mileage Rate

The federal mileage rate is the rate that the United States government reimburses its employees for the use of personal vehicles for official business purposes. The current federal mileage rate is 58 cents per mile.

The federal mileage rate is set by the General Services Administration (GSA) an independent agency of the federal government and is based on the prevailing rates for business travel. The GSA adjusts the federal mileage rate twice per year in January and July to reflect changes in the cost of fuel.

The federal mileage rate is used by federal agencies to reimburse their employees for the use of personal vehicles for official business purposes. The rate is also used by some state and local governments as well as by some private companies.

See also  What Is The Rat Race

The federal mileage rate is not intended to cover the entire cost of operating a personal vehicle for business purposes. Rather it is intended to cover only the variable costs of driving such as fuel and oil.Fixed costs such as depreciation insurance and license and registration fees are not included in the federal mileage rate.

The federal mileage rate is also not intended to cover the entire cost of business travel. Other expenses such as lodging meals and tolls are not included in the federal mileage rate.

If you use your personal vehicle for business purposes you may be able to deduct the expenses of operating your vehicle on your income tax return. The IRS has a standard mileage rate that you can use to calculate your deduction. The standard mileage rate for 2020 is 57.5 cents per mile.

You can also deduct the actual expenses of operating your vehicle such as fuel oil repairs maintenance tires and depreciation. However you can only deduct the portion of these expenses that is attributable to business use.

If you use your personal vehicle for both business and personal purposes you can only deduct the portion of your expenses that is attributable to business use. You will need to keep track of your total mileage for the year as well as your business mileage in order to calculate your deduction.

You may also be able to deduct the business use of your personal vehicle on your state and local income taxes. Check with your tax advisor to see if this deduction is available in your state.

See also  What Is Take Rate In Business

Resources:

https://www.irs.gov/publications/p463

https://www.gsa.gov/travel/plan-book/policies-guidance/per-diem-rates

https://www.dmv.org/business-and-commercial-drivers/calculating-vehicle-operating-costs.php

What is the current federal mileage rate?

Answer: 57.

5 cents per mile

How often is the federal mileage rate updated?

Answer: The federal mileage rate is updated yearly on January 1st.

Who decides the federal mileage rate?

Answer: The IRS decides the federal mileage rate.

What factors are considered when deciding the federal mileage rate?

Answer: The federal mileage rate is based on the average cost of operating a vehicle including gasoline depreciation and wear and tear.

How do I claim the federal mileage rate on my taxes?

Answer: You can claim the federal mileage rate by itemizing your deductions on your federal tax return.

What is the federal mileage rate for 2019?

Answer: The federal mileage rate for 2019 is 58 cents per mile.

What is the federal mileage rate for 2018?

Answer: The federal mileage rate for 2018 is 54.

5 cents per mile.

What is the federal mileage rate for 2017?

Answer: The federal mileage rate for 2017 is 53.

5 cents per mile.

What is the federal mileage rate for 2016?

Answer: The federal mileage rate for 2016 is 54 cents per mile.

What is the federal mileage rate for 2015?

Answer: The federal mileage rate for 2015 is 57.

5 cents per mile.

What is the federal mileage rate for 2014?

Answer: The federal mileage rate for 2014 is 56 cents per mile.

What is the federal mileage rate for 2013?

Answer: The federal mileage rate for 2013 is 56.

5 cents per mile.

What is the federal mileage rate for 2012?

Answer: The federal mileage rate for 2012 is 55.

See also  What Is F9 Rated

5 cents per mile.

What is the federal mileage rate for 2011?

Answer: The federal mileage rate for 2011 is 51 cents per mile.

What is the federal mileage rate for 2010?

Answer: The federal mileage rate for 2010 is 50 cents per mile.

Leave a Comment