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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 ...
2017 — 53.5 cents per mile. 2016 — 54 cents per mile. 2015 — 57.5 cents per mile. 2014 — 56 cents per mile. ... The standard mileage rate is 67 cents per mile for business purposes, 21 ...
Ramp takes a closer look at mileage reimbursement and explains why it's important and when it does or does not make sense.
Motus supplies the Internal Revenue Service (IRS) with data on business vehicle use to inform the business mileage reimbursement rate. [4] History ... [16] in 2017 ...
The IRS standard mileage rate is a key benchmark used by the federal government and many businesses to reimburse employees ... That change took place under the Tax Cuts and Jobs Act of 2017, which ...
Business mileage reimbursement rate, an optional standard mileage rate used in the United States for purposes of computing the allowable business deduction;
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. The new rate was implemented to ...
A 2017 study in the Journal of Public Economics found that "a VMT tax designed to increase highway spending $55 billion per year increases annual welfare by $10.5 billion or nearly 20% more than a gasoline tax does because: (1) the differentiated VMT tax is better than the gasoline tax at targeting its tax to and affecting the behavior of those ...