The IRS increased the optional standard mileage rate ... costs of operating a vehicle for business to 65.5 cents per mile driven, up 3 cents from a rare midyear increase in 2022. The increased rate ...

The Internal Revenue Service has bumped up the 2023 optional standard mileage ... business reimbursement rate, effective Jan. 1, has risen 3 cents to 65.5 cents per mile driven for the use of ...

Those filing 2023 returns in 2024, though, need to use the 2023 rate ... the standard mileage rate or the business portion of actual expenses — for the same vehicle. "Taxpayers always have ...

You can only use one method — the standard mileage rate or the business portion of actual expenses — for the same vehicle. The IRS rate reflects the cost to fill up your tank, as well as other ...

The mileage rate includes all incremental costs of operating a vehicle ... in 2023. The mileage rates are the same throughout ...

On Dec. 14, 2023, the agency announced a bump in the optional standard mileage rate starting ... park where you work. The ...

The mileage allowance provides a simplified way to deduct vehicle ... Business Use in 2025; Key Rate Increases 3 Cents to 70 Cents per Mile." Internal Revenue Services. "Publication 463 (2023 ...

Mileage reimbursement is the process of compensating employees who use their ... whatever rate they deem appropriate. Any time an employee uses their personal vehicle for business purposes ...

These include buying and driving the vehicle for business use or buying ... 65.5 cents per mile for 2023, or your actual vehicle expenses. Using the standard mileage rate doesn’t demand as ...

The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 67 cents per mile driven, up 1.5 cents from 2023. The increased rate ...