Overhead view of tax forms, iPhone calculator, and mug full of coffee.

January small-business tax updates

News bites from the IRS

Reminder for employees: Tax season for individual filers starts Jan. 27

This year’s tax season will begin for individual tax return filers on Jan. 27, 2020, when the IRS will begin processing 2019 tax year returns.

IRS helps workers, businesses with new Gig Economy Tax Center

The IRS has launched a Gig Economy Tax Center on IRS.gov

Look for information on classifying workers, reporting payments, and filing taxes for a digital marketplace or business. 

Workers can find helpful tips and essential forms to accurately manage their taxes.

New year, new Standard Mileage Rates

The IRS has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 57.5 cents per mile driven for business use, down one half of a cent from the rate for 2019,
  • 17 cents per mile driven for medical or moving purposes, down three cents from the rate for 2019, and
  • 14 cents per mile driven in service of charitable organizations.

Source: IRS.gov.

Photo by Kelly Sikkema on Unsplash.