VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
The Internal Revenue Service (IRS) finally issued the optional standard mileage rates for 2020 used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Doeren Mayhew has outlined the updated rates effective beginning on Jan. 1, 2020 below:
The decrease comes as a result of an annual study of fixed and variable costs of operating an automobile, as well as variable costs related to medical or moving purposes.
It is important to remember that you do have the option of calculating the actual costs of using your vehicle rather than using the standard mileage rates. Contact a Doeren Mayhew tax advisor to weigh your options.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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