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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 ...
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 ...
As of October 1, 2009, the per diem rate is $59 per day, and they may deduct 80% of this amount from their taxable income. [ 13 ] Due to the large number of away games and associated travel days in American sports, per diem rates are often major components in collective bargaining agreements between leagues and their players' unions.
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 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 ...
Business mileage reimbursement rate, an optional standard mileage rate used in the United States for purposes of computing the allowable business deduction;
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 ...
It emphasized the disproportionate road wear of cargo trucks [16] versus the current tax rate paid, but noted that costs assessed to this sector would be passed along to the consumer. Also noteworthy was a chart indicating that the excise tax on tires could provide motivation to vehicle owners to reduce many external costs of vehicle travel and ...