Search results
Results from the WOW.Com Content Network
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 ...
The Internal Revenue Service on Thursday announced that the 2025 standard mileage rate will go up by 3 cents per mile to 70 cents for the optional mileage rate for automobiles driven for business ...
This mileage rate for business increased by 1.5 cent from 65.5 cents per mile in 2023. Military moving mileage rate: 21 cents per mile (1 cent decrease from 2023). Qualified active-duty Armed ...
What Is the Current Mileage Reimbursement Rate for 2024? The 2024 mileage reimbursement rates are: Looking ahead, the IRS is likely to announce the standard rate for the 2025 tax year in December.
The 2024 standard mileage rate for business use of a vehicle is 67 cents a mile. The 2024 standard mileage rate for business use of a vehicle is 67 cents a mile. ... 2025 at 6:00 AM.
The IRS standard mileage rate is a key benchmark used by the ... The new rate kicks in beginning Jan. 1 and it would apply to 2024 tax returns that would be filed in 2025. Other mileage rates ...
The Internal Revenue Service announced an increase in the standard mileage rates when people use their vehicles for business use. The standard mileage deduction rose to 67 cents per mile, up 1.5 ...
On Dec. 29, the agency announced a bump in the optional standard mileage rate starting Jan. 1, 2023 — which will now be 65.5 cents per mile driven. Taxpayers can use the new rate to calculate ...