The IRS has released its 2021 optional standard mileage rates for automobile cost deductions.
Drivers who use their cars for business will be able to deduct 56 cents per mile, a 1.5-cent drop from last year’s rate.
Other rates include 16 cents per mile for vehicles driven for medical purposes or moving purposes for qualifying active-duty military; and 14 cents per mile for vehicles driven in the service of charitable organizations.
Taxpayers can also forgo the standard rate and calculate their actual vehicle costs, according to the agency. Learn more at irs.gov.