By SEMA Washington, D.C., Staff
The Internal Revenue Service has set the standard business-mileage deduction at 56 cents per mile for 2021, down 1.5 cents from the 2020 rate. The mileage calculation includes the cost of fuel, along with other vehicle fixed and variable operating expenses, such as depreciation, insurance, tires, etc.
Companies and individuals who use their automobiles (including vans, pickups and panel trucks) for business have the option of using the standard rate in lieu of keeping records of their actual expenses.
For details, contact Stuart Gosswein at stuartg@sema.org.