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5 dni temu · If you use your own car for work purposes and are reimbursed by your employer for the related expenses, the mileage reimbursement generally isn’t taxable income if it’s paid under an accountable plan. However, if it’s paid under a nonaccountable plan, the reimbursement is generally taxed.
4 dni temu · You can use either the standard mileage rate or your actual expenses to calculate the deduction. The standard mileage rate is 67¢ per mile driven for business for the 2024 tax year (up from 65.5¢ per mile for 2023). You can add any parking fees or tolls to that amount.
4 dni temu · If you pay more than the standard rate, employees will be taxed on the excess amount. Use our mileage reimbursement calculator to compute your employee’s mileage reimbursement and the total taxable amount (if you reimburse more than the IRS standard rate).
6 dni temu · Deductible mileage calculation: You can use the information below as a simple mileage calculator. When doing your calculations, multiply the miles you drove (business, charity, etc.) by the cent amount for the year in question.
3 dni temu · If you’re paying back your team, you can use expense-tracking software to pay folks every few weeks or months for business miles with the reimbursement amount you choose. Set a standard rate, have employees enter their company mileage, and calculate how much you owe them for the total number of miles.
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5 dni temu · Standard mileage: Every year, the IRS sets a standard rate for mileage reimbursement. For 2024, the rate is 67 cents per mile. The way the reimbursement works is that you multiply your total annual business mileage by the standard rate. The result is your tax deduction.
