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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 IRS mileage reimbursement rate is a deduction you can take for using a vehicle for qualifying purposes. Find out if you qualify. Mileage Reimbursement Rate for 2025: What To Expect
The standard mileage reimbursement rate fluctuates from year to year based on factors like inflation, the average cost of fuel, and other variables. Midyear adjustments occasionally occur, as in 2022.
In 2022, the rate was 58.5 cents per mile in the first half of the year and 62.5 cents in the second half -- but $0.60 per mile goes a lot farther in some states than others.
A number of states have a two-year or three year budget (e.g.: Kentucky) while others have a one-year budget (e.g.: Massachusetts). In the table, the fiscal years column lists all of the fiscal years the budget covers and the budget and budget per capita columns show the total for all those years.
Travel and subsistence expenses describe the cost of spending on business travel, meals, hotels, sundry items such as laundry (though usually only on long trips) and similar ad hoc expenditures. [1]
800-290-4726 more ways to reach us. ... The new rate kicks in beginning Jan. 1 and it would apply to 2024 tax returns that would be filed in 2025. Other mileage rates, though, will not go up ...
U.S. companies and organizations use the per diem rate guide published by the General Services Administration which provides rates for a number of cities in the Continental United States. [4] For locations in the US outside the continental US, including Alaska, Hawaii and the US territories and possessions, per diem rates are published by the ...