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  2. IRS mileage rate for business goes up to 70 cents a ... - AOL

    www.aol.com/irs-mileage-rate-business-goes...

    Self-employed individuals can claim business mileage on a tax return. Those filing 2024 returns in 2025, need to keep in mind that they will use the 2024 rate for those returns, not the new IRS ...

  3. Mileage reimbursement for businesses: What you need to know - AOL

    www.aol.com/mileage-reimbursement-businesses...

    Standard Mileage Rate for Regular Business Use Over the Past 3 Years. Your business doesn't necessarily have to follow the IRS mileage rates. You're free to set your company's reimbursement rate ...

  4. Mileage Reimbursement Rate for 2025: What To Expect - AOL

    www.aol.com/finance/mileage-reimbursement-rate...

    Here is the breakdown for the two most common ways to use the standard mileage rate: business tax deductions and employee mileage reimbursements. Business/Self-Employed Tax Deductions

  5. Employer transportation benefits in the United States

    en.wikipedia.org/wiki/Employer_transportation...

    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.

  6. Business mileage reimbursement rate - Wikipedia

    en.wikipedia.org/wiki/Business_mileage...

    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 ...

  7. IRS mileage rate for business goes up by 1.5 cents for 2024 - AOL

    www.aol.com/irs-mileage-rate-business-goes...

    Self-employed individuals can claim business mileage on a tax return. Those filing 2023 returns in 2024, though, need to use the 2023 rate for those returns, not the new IRS mileage rate for 2024.

  8. Tax deduction - Wikipedia

    en.wikipedia.org/wiki/Tax_deduction

    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 ...

  9. Taxes 2024: IRS Increases Mileage Standard Deduction ... - AOL

    www.aol.com/finance/taxes-2024-irs-increases...

    For drivers on the low-end of that range, they could deduct $53,600 in mileage for 2024, versus $52,400 in 2023, decreasing their tax liability and potentially putting money in their pocket.

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