IRS Releases Mileage Rates for 2020

IRS Releases Mileage Rates for 2020

The IRS recently released the mileage rates for 2020. Beginning Jan. 1, the business mileage rate decreased one-half of a cent for business travel driven and three cents for medical and certain moving expenses as compared to the rates for 2019. The charitable rate is set by statute and remains unchanged.

 

2020 mileage rates:

 

57.5 cents per mile driven for business travel

17 cents per mile driven for medical travel

14 cents per mile driven in service of charitable organizations

 

More details can be found here.

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A must-watch for all business clients who use QuickBooks!

Reconciling your accounts is so important that Brea’s 13-year-old daughter already has it ingrained in her brain!

Take a minute to watch as she guides you through the various reasons all businesses should reconcile their books each month.  We are seeing errors when it comes to QuickBooks bank downloads, and businesses need to keep an eye out for these to help ensure they have accurate records.  

 

 

 

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