The Internal Revenue Service recently issued updates to the rules governing the Standard Mileage Rates used in determining deductible costs when operating an auto for business purposes, or charitable, medical or moving expenses. The updates can be found in IRS Revenue Procedure 2019-46.
Qualified taxpayers may continue to deduct costs associated with actual allowable expenses associated with operating an auto for business (or charitable, medical or moving purposes) so long as they meet the requirements of maintaining proper and adequate records. The rules relative to the Standard Mileage Rates apply when a qualified taxpayer chooses to use this optional method of computing deductible costs in contrast to actual allowable expenses.