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The IRS bumped up the optional mileage rate to 67 cents a mile in 2024 for business use, up from 65.5 cents for 2023. The new rate kicks in beginning Jan. 1 and it would apply to 2024 tax returns ...
For drivers on the low-end of that range, they could deduct $53,600 in mileage for 2024, versus $52,400 in 2023, decreasing their tax liability and potentially putting money in their pocket.
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 ...
Here are the 2024 mileage reimbursement rates: Business mileage rate: 67 cents per mile. This mileage rate for business increased by 1.5 cent from 65.5 cents per mile in 2023.
On October 28, 2024, at a Trump rally in Madison Square Garden, Musk stated that he believed DOGE could remove US$2 trillion from the U.S. federal budget [45] (a figure higher than the federal government's total discretionary outlays in 2023). [46] [47] [48] Musk has not specified whether these savings would be made over a single year or a ...
The law authorizes the Oregon Department of Transportation (ODOT) to set up a mileage collection system for 5,000 volunteer motorists beginning July 1, 2015. [18] ODOT may assess a charge of 1.5 cents per mile for up to 5,000 volunteer cars and light commercial vehicles and issue a gas tax refund to those participants.
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 ...
A round of local government reorganisation took place in England between 2019 and 2023 during the Conservative governments of Boris Johnson and Rishi Sunak.Here several large unitary authorities were created between either by abolition of district councils, (in Somerset, Dorset, Buckinghamshire and North Yorkshire), or by the abolition of county councils and grouping of districts into new ...