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Now, to calculate gas cost per mile simply divide the total miles driven by the total cost of your last fill-up. Using the prior example, if the gas cost $2.49 per gallon, your 15-gallon fill-up ...
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 ...
2024 — 67 cents per mile. 2023 — 65.5 cents per mile. Second half of 2022 — 62.5 cents per mile. First half of 2022 — 58.5 cents per mile. 2021 — 56 cents per mile. 2020 — 57.5 cents ...
Fuel cost to drive 25 miles Annual fuel cost (1) (15,000 mi) Notes Toyota Prius Prime [6] [89] 2017: Electricity (25 mi) 133 mpg-e (25 kWh/100 mi)-$0.82: $550: The Prius Prime is the most energy-efficient vehicle with a gasoline engine in EV mode. [90] During the first 25 mi might use some gasoline. [89] The 2017 Prime has a combined
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.
Variable or running costs are those that depend on the use of the car, like fuel or tolls. [7] Compared to other popular modes of passenger transportation, especially buses or trains, the car has a relatively high cost per passenger-distance traveled. [8] For the average car owner, depreciation constitutes about half the cost of running a car. [9]
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The standard mileage rate: This method allows you to deduct a set rate per mile driven for business. For the 2024 tax year, it’s 67 cents per mile. For the 2024 tax year, it’s 67 cents per mile.