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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 ...
In 2022, the rate was 58.5 cents per mile in the first half of the year and 62.5 cents in the second half -- but $0.60 per mile goes a lot farther in some states than others.
Travel and subsistence expenses describe the cost of spending on business travel, meals, hotels, sundry items such as laundry (though usually only on long trips) and similar ad hoc expenditures. [1]
The standard mileage reimbursement rate fluctuates from year to year based on factors like inflation, the average cost of fuel, and other variables. Midyear adjustments occasionally occur, as in 2022.
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.
The IRS mileage reimbursement rate is a deduction you can take for using a vehicle for qualifying purposes. Find out if you qualify. ... 800-290-4726 more ways to reach us. Sign in. Mail ...
A number of states have a two-year or three year budget (e.g.: Kentucky) while others have a one-year budget (e.g.: Massachusetts). In the table, the fiscal years column lists all of the fiscal years the budget covers and the budget and budget per capita columns show the total for all those years.
Fuel economy in automobiles, typically in miles per gallon (mpg) (US) Business mileage reimbursement rate , an optional standard mileage rate used in the United States for purposes of computing the allowable business deduction