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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 ...
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.
IRS Standard Mileage Rates for 2024. In December 2023, the IRS announced the standard mileage rates for 2024. While business rates have increased, other rates have either decreased or remained ...
The 2024 standard mileage rate for business use of a vehicle is 67 cents a mile. ... Susan Tompor, Detroit Free Press. Updated February 15, 2025 at 6:00 AM.
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 UC-35B is the Army designation and UC-35D is the Marine Corps designation for the Citation Encore. [ 18 ] [ 19 ] The final UC-35D was delivered to the Marine Corps in May 2006. [ 20 ] The Marine Corps plans to replace its 10 UC-35D aircraft with new UC-12W Huron aircraft by 2030, and began phasing out the UC-35D in 2021.