Search results
Results from the WOW.Com Content Network
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 ...
This mileage rate for business increased by 1.5 cent from 65.5 cents per mile in 2023. Military moving mileage rate: ... To calculate mileage reimbursement, you’ll need to multiply the current ...
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 ...
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.
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.
Ramp takes a closer look at mileage reimbursement and explains why it's important and when it does or does not make sense.
Per the Tax Cuts and Jobs Act of 2017, miscellaneous itemized deductions are not deductible for tax years 2018 to 2025.. For tax years before 2018: Miscellaneous itemized deductions are subject to a 2% floor, [5] a.k.a. the "2% Haircut".