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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 ...
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 ...
A vehicle miles traveled tax, also frequently referred to as a VMT tax, VMT fee, mileage-based fee, or road user charge, is a policy of charging motorists based on how many miles they have traveled. It has been proposed in various states in the United States including Illinois who are currently following through with implementing this tax, and ...
Events from the year 2009 in the United States. The inauguration of Barack Obama as the president , occurred on January 20. The nation, still recovering from the 2007–2008 financial crisis , received various economic stimuli through the American Recovery and Reinvestment Act and similar legislation, which most notably gave Americans tax credits .
The Internal Revenue Service announced an increase in the standard mileage rates when people use their vehicles for business use. The standard mileage deduction rose to 67 cents per mile, up 1.5 ...
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 ...
Program logo The Toyota Corolla was the program's top seller according to U.S. DoT The Ford Explorer 4WD was the program's top trade-in according to the U.S. DoT. The Car Allowance Rebate System (CARS), colloquially known as "cash for clunkers", was a $3 billion U.S. federal scrappage program intended to provide economic incentives to U.S. residents to purchase a new, more fuel-efficient ...
The IRS made an announcement this month that is a matter of pennies but could significantly affect some taxpayers' 2010 amount owed; by reducing the allowance for mileage deductions. Claiming the ...