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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 made an announcement this month that is a matter of pennies but could significantly affect some taxpayers' 2010 amount owed; by reducing the allowance for mileage deductions. Claiming the ...
First half of 2022 — 58.5 cents per mile. 2021 — 56 cents per mile. 2020 — 57.5 cents per mile. 2019 — 58 cents per mile. 2018 — 54.5 cents per mile. 2017 — 53.5 cents per mile. 2016 ...
The United States federal excise tax on gasoline is 18.4 cents per gallon and 24.4 cents per gallon for diesel fuel. [ 1 ] [ 2 ] Proceeds from the tax partly support the Highway Trust Fund . The federal tax was last raised on October 1, 1993, and is not indexed to inflation , which increased 111% from Oct. 1993 until Dec. 2023.
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 ...
The tax credit originated with the American Jobs Creation Act of 2004. The credit was capped at $3,500 per mile of track, with eligibility for Class II and Class III railroads, any shippers who transport property using a Class II or Class III railroad, and companies that perform maintenance on or provide material to qualified railroads. [3]
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 ...
The origin of the current rate schedules is the Internal Revenue Code of 1986 (IRC), [2] [3] which is separately published as Title 26 of the United States Code. [4] With that law, the U.S. Congress created four types of rate tables, all of which are based on a taxpayer's filing status (e.g., "married individuals filing joint returns," "heads of households").