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Calculate your mileage reimbursement for business, medical, charitable, or moving purposes using the IRS standard mileage rates for 2024. Input the number of miles driven and select your tax year to get your estimated deduction amount.
How can I calculate mileage reimbursement? Calculating mileage reimbursement is relatively simple—you don’t even need to use a mileage calculator for reimbursement! To find your reimbursement, multiply the number of business miles driven by the IRS reimbursement rate .
The general formula for mileage reimbursement is: Reimbursement amount = mileage rate x business miles driven For example, if a person reported 150 business miles driven, the equation would look like this: $100.50 = 67 cents x 150 business miles
Learn how to use the IRS standard mileage rate or your company's rate to reimburse your vehicle expenses for business use. Find out how to differentiate your business and personal mileage and how to track it with TripLog app.
10 sty 2023 · Mileage reimbursement is what an employer pays an employee for business-related use of their personal vehicle. Companies typically use a cents-per-mile formula. However, reimbursement rates, covered expenses and payment terms all depend on the employer and their agreement with the employee. Related: 11 Popular Travel Jobs.
To determine what your business miles are worth, multiply the miles driven by the mileage rate set by your employer. For example, let's say you drove 224 miles last month and your employer reimburses at the Standard Mileage Rate of 58.5 cents per mile. Your mileage reimbursement would be $122.08 (224 X 58.5 cents = 131.04).
20 gru 2023 · There are two different mileage rates you can use to calculate your tax deductions : Standard mileage rate: The IRS sets a standard mileage rate in January of every year. For 2021, the rate is $0.56 per mile of business driving. This method is less time-consuming than the expense method.
