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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. ... Keep current on what the current IRS mileage reimbursement rate is, what it does and does not cover and any recent changes for the ...
Ramp takes a closer look at mileage reimbursement and explains why it's important and when it does or does not make sense.
Section 162(a) of the Internal Revenue Code (26 U.S.C. § 162(a)), is part of United States taxation law.It concerns deductions for business expenses. It is one of the most important provisions in the Code, because it is the most widely used authority for deductions. [1]
An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
That change took place under the Tax Cuts and Jobs Act of 2017, which remains in effect through 2025. ... Those filing 2023 returns in 2024, though, need to use the 2023 rate for those returns ...
Motus supplies the Internal Revenue Service (IRS) with data on business vehicle use to inform the business mileage reimbursement rate. [4] ... in 2017. It also won a ...
The Internal Revenue Service announced an increase in the standard mileage rates when people use their vehicles for business use. The standard mileage deduction rose to 67 cents per mile, up 1.5 ...