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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 IRS mileage reimbursement rate is a deduction you can take for using a vehicle for qualifying purposes. Find out if you qualify. Mileage Reimbursement Rate for 2025: What To Expect
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 ...
Fuel economy in automobiles, typically in miles per gallon (mpg) (US) Business mileage reimbursement rate, an optional standard mileage rate used in the United States for purposes of computing the allowable business deduction
The EPA rated the Nissan Leaf electric car with a combined fuel economy of 99 MPGe, [9] and rated the Chevrolet Volt plug-in hybrid with a combined fuel economy of 93 MPGe in all-electric mode, 37 MPG when operating with gasoline only, and an overall fuel economy rating of 60 mpg-US (3.9 L/100 km) combining power from electricity and gasoline.
The IRS standard mileage rate is a key benchmark used by the federal government and many businesses to reimburse employees for out-of-pocket expenses. IRS mileage rate for business goes up by 1.5 ...
For example, the fuel economy target for the 2012 Honda Fit with a footprint of 40 sq ft (3.7 m 2) is 36 miles per US gallon (6.5 L/100 km), equivalent to a published fuel economy of 27 miles per US gallon (8.7 L/100 km) (see #Calculations of MPG overestimated for information regarding the difference), and a Ford F-150 with its footprint of 65 ...
While most fuel taxes were initially levied as a fixed number of cents per gallon, as of 2016, nineteen states and District of Columbia have fuel taxes with rates that vary alongside changes in the price of fuel, the inflation rate, vehicle fuel-economy, or other factors. [7] The table below includes state and local taxes and fees.