2020 Standard Mileage Rates Announced
The IRS recently announced the standard mileage rates for 2020.
Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 57.5 cents per mile driven for business use, down one half of a cent from the rate for 2019,
- 17 cents per mile driven for medical or moving purposes, down three cents from the rate for 2019, and
- 14 cents per mile driven in service of charitable organizations.
IRS Announces Start to the 2020 Tax Filing Season
The IRS recently announced that taxpayers will be able to start filing their individual 2019 tax returns electronically on January 27, 2020.
IRS Commissioner Chuck Rettig said “As we enter the filing season, taxpayers should know that the dedicated workforce of the IRS stands ready to help. We encourage taxpayers to plan ahead and use the tools and information available on IRS.gov. The IRS and the nation’s tax community are committed to making this another smooth filing season.”.
The initial filing deadline for 2019 individual income tax returns is April 15, 2020.
2019 income tax must be paid by that date to avoid certain penalties and interest, but filing extensions can be submitted by the first April deadline to allow additional time to make certain retirement plan contributions or gather any remaining information necessary to file a complete and accurate tax return. An extension of time to file (Form 4868) allows taxpayers an additional six-month extension of time to file their income tax returns, or until October 15, 2020.
