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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 ...
Ramp takes a closer look at mileage reimbursement and explains why it's important and when it does or does not make sense.
That change took place under the Tax Cuts and Jobs Act of 2017, which remains in effect through 2025. ... "The standard mileage rate for business use is based on an annual study of the fixed and ...
Note that prior to the 2017 Tax Cuts and Jobs Act, ... Multiple that number by the $0.655 standard mileage rate for business. 500 business miles multiplied by $0.655 is $327.50.
Motus is a workforce management company headquartered in Boston, Massachusetts, [1] [2] that offers vehicle reimbursement, fleet management and business intelligence solutions. This includes mileage reimbursement, BYO programs, Managed Mobility Services and living cost intelligence.
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 ...
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