{"id":3315,"date":"2020-10-29T06:50:54","date_gmt":"2020-10-29T10:50:54","guid":{"rendered":"https:\/\/falconexpenses.com\/blog\/?p=3315"},"modified":"2022-02-01T12:09:41","modified_gmt":"2022-02-01T17:09:41","slug":"2021-irs-mileage-reimbursement-rates","status":"publish","type":"post","link":"https:\/\/falconexpenses.com\/blog\/2021-irs-mileage-reimbursement-rates\/","title":{"rendered":"2021 IRS Mileage Rates Amounts for the Standard Deduction"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e03d339cc97\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e03d339cc97\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/falconexpenses.com\/blog\/2021-irs-mileage-reimbursement-rates\/#Are_you_wondering_what_the_mileage_reimbursement_rates_are_for_2021\" >Are you wondering what the mileage reimbursement rates are for 2021?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/falconexpenses.com\/blog\/2021-irs-mileage-reimbursement-rates\/#Example_Calculation_for_Standard_IRS_Mileage_Rate_Tax_Deduction_Calculation\" >Example Calculation for Standard IRS Mileage Rate Tax Deduction Calculation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/falconexpenses.com\/blog\/2021-irs-mileage-reimbursement-rates\/#How_do_you_calculate_Sarahs_end_of_year_for_2021_mileage_expense_tax_deduction\" >How do you calculate Sarah\u2019s end of year (for 2021) mileage expense tax deduction?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/falconexpenses.com\/blog\/2021-irs-mileage-reimbursement-rates\/#Sarahs_Mileage_Expense_Tax_Deduction\" >Sarah\u2019s Mileage Expense Tax Deduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/falconexpenses.com\/blog\/2021-irs-mileage-reimbursement-rates\/#About_Falcon_Expenses\" >About Falcon Expenses<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>\n<h2 class=\"wp-block-heading\" id=\"are-you-wondering-what-the-mileage-reimbursement-rates-are-for-2021\"><span class=\"ez-toc-section\" id=\"Are_you_wondering_what_the_mileage_reimbursement_rates_are_for_2021\"><\/span>Are you wondering what the mileage reimbursement rates are for 2021?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The 2021 IRS mileage rate amounts are:<br>Business: 56 (down from 57.5 cents from 2020)<br>Charitable: 14 (down from 17 cents from 2020)<br>Medical &amp; moving: 16 (down from 20 cents from 2020)<\/p>\n\n\n\n<p>Please review this article for a chart of all the standard IRS mileage rate amounts going back to 2009: <a href=\"https:\/\/falconexpenses.com\/blog\/irs-standard-mileage-rate\/\">IRS Mileage Rate Amounts (Updated Yearly)<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"example-calculation-for-standard-irs-mileage-rate-tax-deduction-calculation\"><span class=\"ez-toc-section\" id=\"Example_Calculation_for_Standard_IRS_Mileage_Rate_Tax_Deduction_Calculation\"><\/span>Example Calculation for Standard IRS Mileage Rate Tax Deduction Calculation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An example of how to calculate your tax deduction amount using the standard mileage rate tax deduction method with the 2021 amounts.<\/p>\n\n\n\n<p>Sarah drove about 100 miles a day for business each workday of 2021. Also, Sarah kept a detailed mileage log of her drives, as per the IRS requirements. At the end of the year, her mileage log showed that she drove a total of 21,950 miles for work.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-do-you-calculate-sarah-s-end-of-year-for-2021-mileage-expense-tax-deduction\"><span class=\"ez-toc-section\" id=\"How_do_you_calculate_Sarahs_end_of_year_for_2021_mileage_expense_tax_deduction\"><\/span>How do you calculate Sarah\u2019s end of year (for 2021) mileage expense tax deduction?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You multiply the total number of miles that Sarah drove for work by the standard mileage rate tax deduction per mile for 2021. The standard mileage rate tax deduction for miles driven for business for 2021 is 56 cents per mile.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"sarah-s-mileage-expense-tax-deduction\"><span class=\"ez-toc-section\" id=\"Sarahs_Mileage_Expense_Tax_Deduction\"><\/span>Sarah\u2019s Mileage Expense Tax Deduction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>$0.56 x 25,000 miles driven = $14,000<\/p>\n\n\n\n<p>Sarah\u2019s tax-deductible amount from his mileage expenses alone was larger than the individual standard deduction for 2021, which is $14,000. Therefore, it paid off for Sarah to keep a mileage log as by doing so she was able to maximize her tax return.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"about-falcon-expenses\"><span class=\"ez-toc-section\" id=\"About_Falcon_Expenses\"><\/span>About Falcon Expenses<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/falconexpenses.com\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Falcon Expenses<\/strong><\/a> is a top-rated mobile application for self-employed and small businesses to track expenses and tax deductions. <strong><em>Falcon customers record $6,600, on average, in annual tax deductions. Get started today. <\/em><\/strong>The longer you wait, the more tax deductions you miss out on.<\/p>\n\n\n\n<p>Automatically track mileage expenses and expenses, keep an odometer log, receipt vault and log billable hours. Quickly organize expenses by time period, project, or client. Easily prepare reports to email to anyone in PDF or spreadsheet formats, all from your phone. Use for keeping track of tax deductions, reimbursements, taxes, record keeping, and more. Falcon Expenses is great for self-employed, freelancers, realtors, business travelers, truckers, and more.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>Are you wondering what the mileage reimbursement rates are for 2021? The 2021 IRS mileage rate amounts are:Business: 56 (down&#46;&#46;&#46;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":3317,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,16],"tags":[1894],"class_list":["post-3315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-taxes","category-mileage-expenses","tag-2021-mileage-reimbursement-rates"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/posts\/3315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/comments?post=3315"}],"version-history":[{"count":0,"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/posts\/3315\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/media\/3317"}],"wp:attachment":[{"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/media?parent=3315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/categories?post=3315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/falconexpenses.com\/blog\/wp-json\/wp\/v2\/tags?post=3315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}