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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 law authorizes the Oregon Department of Transportation (ODOT) to set up a mileage collection system for 5,000 volunteer motorists beginning July 1, 2015. [18] ODOT may assess a charge of 1.5 cents per mile for up to 5,000 volunteer cars and light commercial vehicles and issue a gas tax refund to those participants.
Oregon Ballot Measure 118, the Corporate Tax Revenue Rebate for Residents Initiative, is a proposed Oregon state initiative that will be decided by voters as part of the 2024 Oregon elections on November 5, 2024. [1] [2]
The mileage rate for charity purposes has remained unchanged at 14 cents per mile from 2011 to 2024. Standard Mileage Rate vs. Actual Expense Method Not everything is tax deductible.
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 ...
The business mileage deduction for 2021 tax season is 56 cents per mile driven. That said, it is important to understand that only miles driven purely for business may be claimed.
Then the average fuel mileage is applied to the miles traveled to determine the tax liability to each jurisdiction. Three states—Kentucky, New Mexico, and New York—have "weight-mile" taxes in addition to the standard fuel tax. Oregon has just a weight-mile tax.
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