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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 ...
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 ...
According to the U.S. Department of Energy, the average cost per mile of driving a car is $0.58, per the Calculator Academy. The DOE estimates the average driver covers about 13,500 miles per year ...
Step 3: Apply a damage multiplier. Insurance companies use a damage multiplier to adjust the value of the vehicle described in step two. The 10 percent cap value is multiplied by a number ranging ...
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Now, to calculate gas cost per mile simply divide the total miles driven by the total cost of your last fill-up. Using the prior example, if the gas cost $2.49 per gallon, your 15-gallon fill-up ...
For 2008, the rate used to calculate deductible driving costs was 50.5 cents from January to June and 58.5 cents for the last six months. It's all determined by transportation costs, and if you ...