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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.
Second half of 2011 — 23.5 cents per mile First half of 2011 — 19 cents per mile The mileage rate for charity purposes has remained unchanged at 14 cents per mile from 2011 to 2024.
In 2022, the rate was 58.5 cents per mile in the first half of the year and 62.5 cents in the second half -- but $0.60 per mile goes a lot farther in some states than others.
The standard mileage rate for medical purposes remains at 21 cents per mile in 2025, the same as 2024. ... A self-employed taxpayer who files a Schedule C can use the standard rate to deduct ...
Incentive per diem (IPD) was a program created in the United States in 1970 to encourage railroads to purchase new boxcars. Established by the Interstate Commerce Commission (ICC), a regulatory agency overseeing railroads, the program offered significant payments to railroads that purchased new boxcars.
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The standard mileage deduction rose to 67 cents per mile, up 1.5 cents from 2023. The change will go into effect for the 2024 tax year on taxes filed in 2025. Billionaires vs. the Middle Class ...
Transportation fuels taxes were raised by 4.3 cents per gallon. The portion of Social Security benefits subject to income taxes was raised from 50% to 85%. [3] The phaseout of the personal exemption and the limit on itemized deductions were permanently extended. The AMT tax rate was increased from 24% to tiered rates of 26% and 28%. [4]