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The 2024 standard mileage rate for business use of a vehicle is 67 cents per mile.. The mileage rate is useful to know at tax time for those traveling for volunteer work and others. The 2024 ...
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.
Starting Jan. 1, 2024 the mileage tax deduction will now be 67 cents per mile driven — up 1.5 cents from 2023. Find out if you qualify for this deduction.
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 announces slightly higher mileage rate for 2024 for business use. File photo: Customers pull into Shepherd's Corner in Fraser, Michigan, to fill up with gasoline.
A tax deduction is an expense that you can subtract from your income for tax purposes. Tax deductions lower your total amount of taxable income and therefore the total amount of tax you have to pay.
Employees who work at companies that use the IRS mileage rate will be reimbursed at a higher rate in 2025. ... business mileage on a tax return. Those filing 2024 returns in 2025, need to keep in ...