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To calculate your mileage costs, you simply multiply the number of miles you drove by the cents per mile rate that applies to you: 65.5 cents for business miles, 22 cents for medical or military ...
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 ...
Understanding the IRS Standard Mileage Rate. Every year, the IRS sets the standard mileage rate for the business use of a car, van, pickup, or panel truck. This is the dollar amount that a ...
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 ...
Here are situations when car loan interest is tax deductible, how to calculate the deduction and how to claim it on your tax return. Trending Now: ... The standard mileage rate: ...
A 2017 study in the Journal of Public Economics found that "a VMT tax designed to increase highway spending $55 billion per year increases annual welfare by $10.5 billion or nearly 20% more than a gasoline tax does because: (1) the differentiated VMT tax is better than the gasoline tax at targeting its tax to and affecting the behavior of those ...
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