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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 ...
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 ...
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 ...
The IRS mileage reimbursement rate is a deduction you can take for using a vehicle for qualifying purposes. ... increased by 1.5 cent from 65.5 cents per mile in 2023. Military moving mileage rate
Nevertheless, in 2008, the on-road vehicle fleets in the United States and Canada had the lowest overall average fuel economy among first world nations: 25 miles per US gallon (9.4 L/100 km) in North America, versus 45 miles per US gallon (5.2 L/100 km) in the European Union and was even higher in Japan, according to data as of 2008.
New Zealand also has such a system applying to all heavy vehicles and diesel-powered cars, known locally as a Road User Charge. Bulgaria has a truck based system under development. With the UK government banning the sale of non-electric cars from 2030, VMT tax is being considered in place of fuel duty revenue. [5]
The annual capacity of the industry is 17 million cars; sales in 2008 dropped to an annual rate of only 10 million vehicles made in the U.S. and Canada. All the automakers and their vast supplier network account for 2.3% of the U.S. economic output, down from 3.1% in 2006 and as much as 5% in the 1990s.
The average American spends almost $2,000 per year on fuel, so choose a ride that won't guzzle gas. See which popular cars boast the highest fuel efficiency.