IRS & Revenue Canada announce new standard mileage rates for 2019
Great news for Mileage Trakkers! Both the IRS and Revenue Canada have increased the standard mileage rate for 2019!! That’s more money in your pocket. Check out the rates of both the US and Canada below:
The IRS has raised the standard mileage rate for 2019 from $0.545 cents/mile to $0.58 cents/mile! That’s a significant increase for one year and means all business drivers who are writing mileage off on their taxes or getting reimbursed by an employer who pays the fed standard mileage rate will be getting more money in their pocket!!
Also, the medical miles reimbursement rate has increased to $0.20 cents/mile for those who are entitled to write off medical expenses (check with your tax preparer on this one)
The charitable mileage rate remains the same at $0.14 cents/mile
https://www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2019
Similarly, Revenue Canada has also raised the standard mileage rate for 2019 from $0.55 cents/km for the 1st 5,000 km & $0.49 cents/km thereafter to: $0.58 cents/km for the 1st 5,000 km & $0.52 cents/km thereafter. Once again, that is a significant increase and Canadians writing business mileage off on their taxes or getting reimbursed by an employer will be putting more money in their pockets!