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Truck drivers get the standard mileage rate of 65.5 cents per mile. This rate increased from 62.5 cents per mile as of January 2023. To figure out your deduction, take the number of miles driven ...
On Dec. 29, the agency announced a bump in the optional standard mileage rate starting Jan. 1, 2023 — which will now be 65.5 cents per mile driven. Taxpayers can use the new rate to calculate ...
Fuel economy is the distance travelled per unit volume of fuel used; for example, kilometres per litre (km/L) or miles per gallon (MPG), where 1 MPG (imperial) ≈ 0.354006 km/L. The higher the value, the more economic a vehicle is (the more distance it can travel with a certain volume of fuel). This measure is popular in the US and the UK (mpg ...
Odometer. An electronic odometer (below speedometer) with digital display showing 91,308 miles (146,946 km) from a Jeep Grand Cherokee (WJ) An odometer or odograph is an instrument used for measuring the distance traveled by a vehicle, such as a bicycle or car. The device may be electronic, mechanical, or a combination of the two ...
If you’re driving 1,000 miles and your car gets 25 miles per gallon, you’d need 40 gallons of gas to go 1,000 miles. If you pay $3.77 per gallon every time you stop to refuel, your cost of gas ...
The business mileage reimbursement rate is an optional standard mileage rate used in the United States for purposes of computing the allowable business deduction, for Federal income tax purposes under the Internal Revenue Code, at 26 U.S.C. § 162, for the business use of a vehicle. Under the law, the taxpayer for each year is generally ...
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