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The IRS has announced that the 2023 business standard mileage rate is increasing to 65.5 cents, up 3 cents from the 2022 midyear adjustment of 62.5 cents. The change took effect Jan. 1.
Business mileage rate will be 58.5 cents per mile, up from 56 cents. On June 9, 2022, the IRS announced an increase in the optional standard mileage rate for the final six months of 2022 due to ...
For 2021, standard mileage rates for the use of cars, vans, pickups or panel trucks will be: 56 cents per mile driven for business use, down from 57.5 cents in 2020. 16 cents per mile driven for ...
The IRS mileage rate is a maximum rate that employers may use for tax-free reimbursement. Employers that reimburse more than the IRS rate are required to treat any amount above the IRS rate as ...
Mileage Rate Changes Through 2022. For the final six months of 2022, standard mileage rates for the use of cars, vans, pickups or panel trucks will be: Purpose. Jan. 1 to June 30. July 1 to Dec ...
The IRS is raising the standard mileage rate by 1.5 cents per mile for 2024. The agency on Dec. 14 announced that the business standard mileage rate per mile is rising to 67 cents, up from 65.5 ...
The federal IRS rate, which is based on national average expenses, is a widely used and accepted mileage reimbursement rate. An employer may also set a rate less than the IRS rate as long as the ...
The IRS business standard mileage rate is optional, not required by the Fair Labor Standards Act, when reimbursing delivery drivers, the Department of Labor (DOL) stated in an Aug. 31 opinion ...
The mileage reimbursement rate for 2018 is 54.5 cents for business miles driven, up from 53.5 cents in 2017. This rate—based on the nationwide average cost of operating a vehicle in the prior ...
It reasoned that the mileage rate is a nationwide average, which tends to overpay drivers in states where gas taxes are relatively low, like Ohio, and underpay drivers where gas taxes are high ...