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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 ...
An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
The standard federal mileage reimbursement rate has changed over the years. Here’s how the rates have changed for business purposes: ... 2016 — 54 cents per mile. 2015 — 57.5 cents per mile.
Ramp takes a closer look at mileage reimbursement and explains why it's important and when it does or does not make sense.
The United States Federal Budget for fiscal year 2016 began as a budget proposed by President Barack Obama to fund government operations for October 1, 2015 – September 30, 2016. The requested budget was submitted to the 114th Congress on February 2, 2015. The government was initially funded through a series of three temporary continuing ...
The IRS standard mileage rate is a key benchmark used by the federal government and many businesses to reimburse employees for out-of-pocket expenses. IRS mileage rate for business goes up by 1.5 ...
The program covered model year 2012 to model year 2016 and ultimately required an average fuel economy standard of 35.5 miles per US gallon (6.63 L/100 km; 42.6 mpg ‑imp) in 2016 (of 39 miles per gallon for cars and 30 mpg for trucks), a jump from the 2009 average for all vehicles of 25 miles per gallon. Obama said, "The status quo is no ...
The 2017 United States federal budget is the United States federal budget for fiscal year 2017, which lasted from October 1, 2016 to September 30, 2017. President Barack Obama submitted a budget proposal to the 114th Congress on February 9, 2016. The 2017 fiscal year overlaps the end of the Obama administration and the beginning of the Trump ...