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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.
2019 — 58 cents per mile. 2018 — 54.5 cents per mile. 2017 — 53.5 cents per mile. 2016 — 54 cents per mile. 2015 — 57.5 cents per mile. 2014 — 56 cents per mile. 2013 — 56.5 cents ...
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.
The IRS has given at least one tiny glimmer of hope for your 2023 finances amid a backdrop of economic ... 2023 — which will now be 65.5 cents per mile driven. Taxpayers can use the new rate to ...
A Qualified Employee Discount is defined in Section 132(c) as any employee discount with respect to qualified property or services to the extent the discount does not exceed (a) the gross profit percentage of the price at which the property is being offered by the employer to customers, in the case of property, or (b) 20% of the price offered for services by the employer to customers, in the ...
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.
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 ...
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. [3] In January 2015, Azuga Inc., Sanef, IMS and Verizon were selected as Commercial Account Managers for the OReGO program. OReGO is name of the voluntary road usage charging program in ...