IRS Announces Drop in Standard Mileage Rate by 1.50 Cents in 2021

AMHERST, N.Y., Dec. 29, 2020 /PRNewswire/ — CarData Consultants provides The IRS Standard Mileage Rate and FAVR plan maximum vehicle costs, which are published annually in IRS Rev Procedure 2010-51 Notice 2020-2.

2021 IRS STANDARD MILEAGE RATE

Effective January 1 2021, the IRS Standard Mileage Rate for 2021 is down 1.50 cents to 56 cents per mile.  The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile.

The application for the IRS Standard Rate is to reimburse occasional business use.

IRS STANDARD MILEAGE RATE TRENDS

The table below created by CarData Online displays the IRS Standard Rate for the past 27 years. During those 27 years, the IRS adjusted the Standard Rate in mid-year only four times, in 1999, 2005, 2008 and in 2011. Mid-term adjustments are a function of dramatic changes in fuel prices, as happened with Hurricane Katrina in 2005. 

IRS STANDARD MILEAGE RATE

Effective Date

Until Date

Rate Value

2021 January

56

2020 January

2020 December

57.50

2019 January

2019 December

58.00

2018 January

2018 December

54.50

2017 January

2017 December

53.50

2016 January

2016 December

54.00

2015 January

2015 December

57.50

2014 January

2014 December

56.00

2013 January

2013 December

56.50

2011 July

2012 December

55.50

2011 January

2011 June

51.00

2010 January

2010 December

50.00

2009 January

2009 December

55.00

2008 July

2008 December

58.50

2008 January

2008 June

50.50

2007 January

2007 December

48.50

2006 January

2006 December

44.50

2005 September

2005 December

48.50

2005 January

2005 August

40.50

2004 January

2004 December

37.50

2003 January

2003 December

36.00

2002 January

2002 December

36.50

2001 January

2001 December

34.50

2000 January

2000 December

32.50

1999 April

1999 December

31.00

1998 January

1999 March

32.50

1997 January

1997 December

31.50

1996 January

1996 December

31.00

1995 January

1995 December

30.00

1994 January

1994 December

29.00

Please see official IRS release HERE.

Click HERE for more details on CarData Consultants, and how to find the best IRS compliant reimbursement plan for your business.

About CarData Consultants CarData provides precision vehicle reimbursement programs for the mobile workforce. CarData services save money, reduce risk, and remove administration. CarData programs are compliant with the IRS and the CRA procedures.

MEDIA Contact: Megan Dean
Marketing & Sales Specialist | CarData Consultants Inc.
Direct: 303-434-3307 | FAX: 929-235-7525
261975@email4pr.com
www.cardataconsultants.com

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SOURCE CarData Consultants

IRS Announces Drop in Standard Mileage Rate by 1.50 Cents in 2021 WeeklyReviewer

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IRS Announces Drop in Standard Mileage Rate by 1.50 Cents in 2021 WeeklyReviewer
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IRS Announces Drop in Standard Mileage Rate by 1.50 Cents in 2021 WeeklyReviewerIRS Announces Drop in Standard Mileage Rate by 1.50 Cents in 2021 WeeklyReviewer

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