IRS Releases 2021 Mileage Rates
If you’re wondering about the difference in the rates for business and medical or moving purposes, there is a reason. The standard mileage rate for business is calculated by using an annual study of the fixed and variable costs of operating an automobile, including depreciation, insurance, repairs, tires, maintenance, gas, and oil. In contrast, the rate for medical and moving purposes is based just on the variable costs.
Original Article Source Credits: Forbes , https://www.forbes.com/
Article Written By: Kelly Phillips Erb
Original Article Posted on: Dec 22, 2020
Link to Original Article: https://www.forbes.com/sites/kellyphillipserb/2020/12/22/irs-releases-2021-mileage-rates/?sh=54ce15022fb0