National & World Ag News Headlines
IRS Raises Mileage Rates to 58-Cents Per Mile
USAgNet - 01/10/2019
The Internal Revenue Service has issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business and other purposes.
The standard mileage rate for the use of a vehicle for business will be 58 cents per mile. This represents an increase of 3.5 cents from the 2018 rate.
Farm Equipment Manufacturers Association reports that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses.
The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile.
Taxpayers have the option of calculating the actual costs of using their vehicle rather than using the mileage rates.
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