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Standard mileage rates. The 2008 rate for fits provided by this relief include not taxable for federal income tax purposes business use of your vehicle is 50 1 ⁄
Find standard mileage rates to calculate the deduction for using your car for business, charitable, medical or moving purposes.
Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008.
The standard IRS mileage rate for 2024 is 67 cents per mile for business mileage. Businesses can use it for tax-free mileage reimbursement, but in most states, they can set their own rules for employee reimbursements. However, only reimbursements at or below IRS mileage rates are tax-free.
24 lis 2023 · Introduction. The IRS mileage rate lets employees drive personal vehicles for work and get tax deductions or reimbursements. Employees can keep track of their expenses and deduct the IRS mileage rate times their mileage at tax time.
27 lis 2007 · The standard mileage rate is 19 cents per mile for use of an automobile (1) to obtain medical care described in § 213, or (2) as part of a move for which the expenses are deductible under § 217..03 Charitable or medical and moving standard mileage rates in lieu of variable expenses. A deduction computed using the applicable standard mileage ...
16 lut 2024 · The Internal Revenue Service (IRS) provides standard mileage rates as optional methods for taxpayers to substantiate their transportation expenses. This Insight reviews how the standard mileage rates are set, who uses them, and a history of the rates.
