WebDec 31, 2024 · Effective July 1 through Dec. 31, 2024, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the 58.5 cents per mile rate … WebFeb 2, 2024 · • Instead of actual expenses, you can use the per-mile Standard Mileage rate set by the IRS. The rate is 58.5 cents per mile for the first half of 2024 and increases to …
How to Claim the Standard Mileage Deduction for Business Use of Car ...
WebJun 10, 2024 · Because of the increases in fuel costs in 2024, there are two different business mileage rates for the year. The IRS business mileage rate for the first half of 2024 is 58.5 cents per mile for miles driven between January 1, 2024 and June 30, 2024. The mileage rate increases to 62.5 cents a mile for miles driven from July 1, 2024 until … WebSep 13, 2024 · But because gas prices rose so much during the first half of 2024, the IRS issued two rates for the year. 2. 58.5 cents per mile for business driving from Jan. 1 to June 30. 62.5 cents per mile for business driving from July 1 to Dec. 31. 18 cents per mile for driving for medical or moving reasons from Jan. 1 to June 30. personal hrvy acoustic
2024 IRS Mileage Rates: Business, Moving, Medical and Charity
WebDec 31, 2024 · The standard mileage rate that businesses use to pay tax-free reimbursements to employees who drive their own cars for business will be 58.5 cents per mile in 2024, up 2.5 cents from... WebJun 30, 2024 · The new mileage rates will take effect on July 1, 2024, and will be the standard rates for the final six months of calendar year 2024. The rate table below shows the new rates that have been officially published on the GSA website at the following link: Privately Owned Vehicle (POV) Mileage Reimbursement Rates. WebMar 8, 2024 · Here's something you need up know about mileage reimbursement to securing you fulfill your legitimate obligations as an employer. standard deviation formula algebra