The IRS has announced the standard mileage rates for certain types of driving in 2019 (Notice 2019-02). Beginning on January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck will be:
The deemed depreciation rate for a vehicle that uses the IRS mileage rate for business driving in 2019 is 26 cents per mile, up from 25 cents per mile in 2018.
Test for determining deductibility of IRA deductions. Active participants in employer retirement plans are subject to IRA deduction phase-out rules if adjusted gross income exceeds certain threshold.