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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 ...
The mileage rate varies based on the purpose of the travel, with unique rates for standard business use, medical or moving purposes for active-duty military, and miles driven in service of a ...
2016 — 54 cents per mile. ... Multiple that number by the $0.655 standard mileage rate for business. ... which may or may not differ from the IRS rate for business miles. If, for example, you ...
The Internal Revenue Service on Thursday announced that the 2025 standard mileage rate will go up by 3 cents per mile to 70 cents for the optional mileage rate for automobiles driven for business ...
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.
Mileage is a distance measured in miles. ... Business mileage reimbursement rate, an optional standard mileage rate used in the United States for purposes of ...
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 ...