The Internal Revenue Service (IRS) has issued new standard mileage rates for operating an automobile for business, charitable, medical or moving purposes in 2021. The IRS has issued new lower mileage rates for 2021. gettyNew IRS Mileage RatesThe new IRS mileage rates apply to travel starting on January 1, 2021. The new mileage rates decreased because of changes in fuel prices, fuel economy and insurance costs. Business ReimbursementMany businesses use the IRS mileage rates for reimbursing employees for business travel by automobile. Historical IRS Mileage Rates

Source: Forbes December 22, 2020 20:25 UTC