2020 Standard Deduction Rates
IR-2020-279 December 22 2020 WASHINGTON The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business charitable medical or moving purposes. Beginning on January 1 2021 the standard mileage rates for the use of a car also vans pickups. Old Or New Tax Regime For Income Tax For Fy 2020 21 Which Saves Tax Incometax Unionbudget2020 Income Tax Tax Income After subtracting the standard deduction of 24400 your taxable income for 2020 is 65600. 2020 standard deduction rates . The IRS determines the standard deduction figures each year and must account for inflation rising prices of goods and services. For tax year 2020 the standard mileage rate for the cost of operating your car. Beginning in 2021 the standard mileage rate decreased to 56 cents per mile. For 2020 the standard mileage rate is 575 cents per mile. Remember this is the amount that American taxpayers can choose to use in...