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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.
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 ...
This mileage rate for business increased by 1.5 cent from 65.5 cents per mile in 2023. Military moving mileage rate: 21 cents per mile (1 cent decrease from 2023).
The IRS Internal Revenue Manual is the official source of instructions to IRS personnel relating to the organization, administration and operation of the IRS. The IRM contains directions IRS employees need to carry out their responsibilities in administering IRS obligations, such as detailed procedures for processing and examining tax returns.
The standard mileage deduction rose to 67 cents per mile, up 1.5 cents from 2023. The change will go into effect for the 2024 tax year on taxes filed in 2025. Billionaires vs. the Middle Class ...
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.
The Internal Revenue Service on Thursday announced that the 2025 standard mileage rate will go up by 3 cents per mile to 70 cents for the optional mileage rate for automobiles driven for business ...
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