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The 2024 standard mileage rate for business use of a vehicle is 67 cents a mile. The mileage rate is useful to know at tax time for those traveling for volunteer work and others.
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 ...
When we flip the calendar into the New Year, drivers will be looking at a new, slightly higher standard mileage rate for a deduction for business use on their 2024 federal income tax return.
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 ...
Business mileage reimbursement rate, an optional standard mileage rate used in the United States for purposes of ... This page was last edited on 1 May 2024, ...
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.
What Is the Current Mileage Reimbursement Rate for 2024? The 2024 mileage reimbursement rates are: Looking ahead, the IRS is likely to announce the standard rate for the 2025 tax year in December.
The amount of the standard deduction cannot be changed following an audit unless the taxpayer's filing status changes. If the taxpayer is otherwise eligible to file a shorter tax form such as 1040EZ or 1040A , he or she would prefer not to prepare (or pay to prepare) the more complicated Form 1040 and the associated Schedule A for itemized ...