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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 ...
The standard mileage rate is 67 cents per mile for business purposes, 21 cents per mile for medical or moving purposes and 14 cents per mile for charitable purposes. These rates apply to gas ...
Travel, particularly by motor vehicles, is often reimbursed at a rate determined only by distance travelled, e.g., the US business mileage reimbursement rate. Fixed per diem (and per mile) rates eliminate the need for employees to prepare, and employers to scrutinise, a detailed expense report with supporting receipts to document amounts spent ...
The IRS also announced that the mileage rate will be 21 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, down a penny a mile from 2023 ...
Business mileage reimbursement rate; Per diem; References This page was last edited on 12 February 2022, at 13:43 (UTC). Text is available ...
The standard mileage deduction rose to 67 cents per mile, up 1.5 cents from 2023. The change will go into effect for the 2024 tax year on taxes filed in 2025. Billionaires vs. the Middle Class ...
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.
The ICC established an "incentive per diem" program in 1970. This added two new payments to qualifying boxcars (those less than five years old): a flat addition of around $10 to the normal per diem, and a new 4.7 cents per mile payment based on mileage traveled.