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Reminder to Update Your Mileage Rate for 2020!
Don’t forget to update your mileage rate according to the new IRS standard! Beginning January 1, 2020, the business standard mileage rate in the USA is $0.575 cents per mile, down from $0.58 cents per mile in 2019. Check out IRS.gov for more details.
How to Update Mileage Rates in Expensify
Mileage Rates can be configured as an Individual policy setting or defined by an admin at the Group policy level. Group policy level settings will override Individual policy settings.
Every new year, we will open an Inbox task that will tell you about the new IRS mileage rate and ask if you want to update to this new rate. Once you respond to the task, the new rate will be applied to all expenses created after the rate has been updated.
To update your Mileage Rates manually, navigate to Settings > Policies > Individual or Group > [Policy Name] > Expenses > Distance.
Please note, these changes must be made on the website and don't apply retroactively to current expenses. New accounts and new policies created after January 10, 2020 will automatically default to the new IRS rate.
Cheers to the road ahead!
P.S. New to tracking business mileage? Learn how here.