Search results
Results from the WOW.Com Content Network
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 IRS bumped up the optional mileage rate to 67 cents a mile in 2024 for business use, up from 65.5 cents for 2023. The new rate kicks in beginning Jan. 1 and it would apply to 2024 tax returns ...
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.
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 ...
Motus is a workforce management company headquartered in Boston, Massachusetts, [1] [2] that offers vehicle reimbursement, fleet management and business intelligence solutions. This includes mileage reimbursement, BYO programs, Managed Mobility Services and living cost intelligence.
Travel, particularly by motor vehicles, is often reimbursed at a rate determined only by distance travelled, e.g., the US business mileage reimbursement rate. Fixed per diem (and per mile ) rates eliminate the need for employees to prepare, and employers to scrutinise, a detailed expense report with supporting receipts to document amounts spent ...
The second of three states to require mileage reimbursement by law, Illinois gives its employees at least 30 days to provide proof of mileage under the Illinois Wage Payment and Collection Act.
Business mileage reimbursement rate, an optional standard mileage rate used in the United States for purposes of ... This page was last edited on 1 May 2024, ...