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1 lip 2023 · Motor Fuel Tax. From July 1, 2024, through June 30, 2025, the rates are as follows: gasoline/gasohol – $0.470 per gallon; diesel fuel – $0.545 per gallon; liquefied petroleum gas (LPG) – $0.545 per gallon 1; liquefied natural gas (LNG) – $0.545 per gallon 2; compressed natural gas (CNG) – $0.470 per gallon 3
You can use this mileage reimbursement calculator to determine the deductible costs associated with running a vehicle for medical, charitable, business, or moving. You can calculate mileage reimbursement in three simple steps: Select your tax year. Input the number of miles driven for business, charitable, medical, and/or moving purposes.
21 lip 2023 · There are several programs available to streamline this process, such as Fixed and Variable Rate (FAVR) reimbursements, Tax-Free Car Allowances (TFCAs), and Cents per Mile (CPM) arrangements. In this article, we will answer fundamental questions, including: what are the rules for mileage reimbursement in Illinois?
The IRS mileage rate accounts for vehicle operating costs, including gas, depreciation, insurance, and maintenance. As of 2024, the IRS rate is 67 cents per mile for business travel. Illinois employers can adopt this mileage reimbursement rate, providing a fair and consistent method that aligns with state guidelines.
22 lut 2023 · You can deduct your mileage at the standard rate of 18 cents per mile for 2022 and 22 cents per mile for 2023, or you can deduct your actual costs of gas and oil. Deducting parking costs and tolls is also allowed.
Research. Tax Information. Motor Fuel Taxes. Motor Fuel Tax General Overview. The Motor Fuel Tax is imposed on the privilege of operating motor vehicles on public highways and recreational watercraft on waterways in Illinois. It is paid by distributors and suppliers who collect the tax from their customers.
Step 1 – Select your tax year. Step 2 – Enter your miles driven for business purposes. Step 3 – Optionally enter your miles driven for moving, charitable or medical purposes. Mileage Reimbursement Calculator. Tax Year. How many miles did you drive during the year? Business. mi. Medical. mi. Moving. mi. Charitable. mi.
