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A new year will mean a new, slightly higher standard mileage rate for 2025. The Internal Revenue Service on Thursday announced that the 2025 standard mileage rate will go up by 3 cents per mile to ...
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: 21 cents per mile (1 cent decrease from 2023). Qualified active-duty Armed ...
The IRS standard mileage rate is a key benchmark used by the federal government and many businesses to reimburse ... to 2024 tax returns that would be filed in 2025. Other mileage rates, though ...
The Fiscal Responsibility Act of 2023, passed in June 2023, resolved that year's debt-ceiling crisis and set spending caps for FY2024 and FY2025. The act called for $895 billion in defense spending and $711 billion in non-defense discretionary spending for fiscal year 2025, representing a 1% increase over fiscal year 2024. [10]
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 ...
On January 10, 2025, 26 Republican state governors wrote a joint letter to leaders of Congress expressing, "overwhelming support for President Trump's Department of Government Efficiency (DOGE)". The governors also stated that they are committed to "stand ready to help DOGE—and Congress—be successful".
The Internal Revenue Service announced an increase in the standard mileage rates when people use their vehicles for business use. The standard mileage deduction rose to 67 cents per mile, up 1.5 ...