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Tax Resources for Accountants and Small Businesses (U.S.)

Tagged: Maximum Standard Automobile Cost

Mileage

IRS 2020 Standard Mileage Rates – Notice 2020-05

SECTION 1. PURPOSE This notice provides the optional 2020 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This...

Taxation

Maximum Standard Automobile Cost (2015)

For purposes of computing the allowance under a FAVR plan, the standard automobile cost may not exceed $28,200 for automobiles (excluding trucks and vans) or $30,800 for trucks and vans. Source Section 6.02(6) of...