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What Is the Current Mileage Reimbursement Rate for 2024? The 2024 mileage reimbursement rates are: Looking ahead, the IRS is likely to announce the standard rate for the 2025 tax year in December.
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 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 ...
Here are the 2024 mileage reimbursement rates: Business mileage rate: 67 cents per mile. This mileage rate for business increased by 1.5 cent from 65.5 cents per mile in 2023.
MileIQ is an American-based technology company that develops a mileage tracking and logging app. [2] The app uses automatic mileage tracking to calculate mileage while driving for business purposes that can then be used to report for reimbursement and potentially a tax deduction with the IRS, being attributed as the first mobile app to passively track such data.
The studio zone's boundaries have expanded over the years, primarily to keep labor costs down and help keep Los Angeles as an attractive site to shoot productions. The studio zone was formally first established in 1934, originally defined as a 6-mile (9.7 km) radius from Rossmore Avenue and 5th Street.
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.
In the 1924 Major Street Traffic Plan for Los Angeles, a widening of Figueroa Street to San Pedro as a good road to the Port of Los Angeles was proposed. [10] Progress was slow, [ 11 ] and, in 1933, the state legislature added the entire length to the state highway system as Route 165 , an unsigned designation.