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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 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 ...
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.
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.
North Carolina is defined by a wide range of elevations and landscapes. From west to east, North Carolina's elevation descends from the Appalachian Mountains to the Piedmont and Atlantic coastal plain. North Carolina's Mount Mitchell at 6,684 ft (2,037 m) is the highest point in North America east of the Mississippi River. [15]
For the final six months of 2022, the standard mileage rate for business travel was 62.5 cents per mile, up 4 cents from the rate effective at the start of 2022.
In 2022, the total trip rate was raised to $3.71 with the North Carolina Quick Pass and $5.68 via bill-by-mail. [17] As of January 1, 2024, the total trip rate is now $3.94 with the North Carolina Quick Pass and $6.06 via bill-by-mail. Listed below are the 2024 toll rates, starting at I-885 / Toll N.C. 885 / I-40: [18]