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Starting July 1, 2008, the standard mileage rate for business miles is being increased to 58.5 cents per mile. The rate is currently at 50.5 cents per mile. Over the years, the IRS has somewhat ...
The business mileage reimbursement rate is an optional standard mileage rate used in the United States for purposes of computing the allowable business deduction, for Federal income tax purposes under the Internal Revenue Code, at 26 U.S.C. § 162, for the business use of a vehicle. Under the law, the taxpayer for each year is generally ...
Famspear 17:24, 24 June 2008 (UTC) Note: Yesterday (June 23, 2008), the Internal Revenue Service issued Announcement 2008-63, which increases the business deduction rate to 58.5 cents per mile, effective for July 1 through December 31, 2008. I have updated the chart in the article accordingly.
An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
With each new year comes a new batch of tax rules and miscellaneous changes to the laws that taxpayers need to be aware of. There's no denying that the tax code in the United States is incredibly ...
April 15th is a few months off, but you want to start thinking about tax filing now. Unless, of course, you like the deadline pressure of driving around to find the 24 hour post office in your ...
A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable ...
The $1,100 annual insurance bill is $357 cheaper than average, which helps drivers stretch their mileage deductions farther than those in most other states. Maine-traffic-iStock-1067961912 Maine
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