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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 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 ...
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 ...
IRS Standard Mileage Rates for 2024. In December 2023, the IRS announced the standard mileage rates for 2024. While business rates have increased, other rates have either decreased or remained ...
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 ...
Motus was founded in 2004 as Corporate Reimbursement Services, Inc. (CRS) by Gregg Darish, and changed its name to Motus in 2014. [5] In 2009, Gregg Darish hired Fil Firmani as CTO to lead the technology and product strategy and evolution of the company.
For the final six months of 2022, the standard mileage rate for business travel was 62.5 cents per mile, up 4 cents from the rate effective at the start of 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.