New Mileage Rates for 2021
The new mileage rates are out for 2021 and if you haven’t had a chance to review them, we have all of the information you need in this blog post. Below are the mileage rates for 2021:
Business Use: The new rate is 56 cents per mile. This is down 1.5 cents from the 2020 rate of 57.5 cents.
It is important to remember that since the Tax Cuts and Jobs Act was enacted, taxpayers can no longer claim a miscellaneous itemized deduction for any unreimbursed employee travel expenses. Also, moving expenses can only be deducted by members of the Armed Forces who are on active duty, as long as the expenses are related to orders for a permanent change of station.
Not every individual is able to itemize deductions anymore, but for those who can, below are specifics on what can be included when figuring out your mileage.
If you have any questions regarding mileage and what qualifies, contact us today. We’re here to answer any questions you may have.
Ryder & Company is located in West Lawn, PA and offers a variety of accounting services, part-time CFO services, payroll preparation, and much more! We also offer tax preparation for individuals, as well as businesses and nonprofit entities. We assist many individuals and businesses in and around Wyomissing, Exeter, and Reading.
Ron Ryder | 01/08/2021