IRS Announces 2020 Standard Mileage Rates
On December 31, 2019 the Internal Revenue Service issued IR-2019-215. This annual document announced the OPTIONAL 2020 standard mileage rates for business, medical and moving expenses.
What does this mean to your business?
- The rate for business miles is 57.5 cents per mile, down 0.5 cents from 2019
- 17 cents per mile driven for medical or moving purposes, down 3 cents from the rate for 2019, and
- 14 cents per mile driven in service of charitable organizations.
When entering mileage, an employee has the option of entering an odometer change, miles driven, or can calculate the distance driven by using Google Maps directly from our application. When the miles driven are calculated by any of the above options, the rate set up for your company is multiplied automatically to provide you the total mileage amount.
How to update the mileage rates for your business?
Company owner or admins can easily update the mileage rates on or after January 1, 2020 by following these 4 simple steps.
- Sign into TriNetExpense.com
- Go to Settings > Company Settings > Company Settings
- Enter the new mileage reimbursement rate (.575)
- Click “Save”
For further assistance, please contact email@example.com