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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 ...
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 ...
[6] [7] Miles per gallon equivalent cost for alternate fuel can be calculated with a simple conversion to the conventional mpg (miles per gallon, miles/gal). See conversion to MPG by cost below. The MPGe metric was introduced in November 2010 by EPA in the Monroney sticker of the Nissan Leaf electric car and the Chevrolet Volt plug-in hybrid.
The average fuel economy for all vehicles on the road is higher in Europe than the United States because the higher cost of fuel changes consumer behaviour. In the UK, a gallon of gas without tax would cost US$1.97, but with taxes cost US$6.06 in 2005. The average cost in the United States was US$2.61.
The IRS standard mileage rate is a key benchmark used by the federal government and many businesses to reimburse employees for out-of-pocket expenses. IRS mileage rate for business goes up by 1.5 ...
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