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  2. Business mileage reimbursement rate - Wikipedia

    en.wikipedia.org/wiki/Business_mileage...

    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 ...

  3. IRS mileage rate for business goes up by 1.5 cents for 2024 - AOL

    www.aol.com/irs-mileage-rate-business-goes...

    The IRS bumped up the optional mileage rate to 67 cents a mile in 2024 for business use, up from 65.5 cents for 2023. The new rate kicks in beginning Jan. 1 and it would apply to 2024 tax returns ...

  4. Employer transportation benefits in the United States

    en.wikipedia.org/wiki/Employer_transportation...

    An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.

  5. Write off your mileage? The IRS expands the deduction for ...

    www.aol.com/finance/write-off-mileage-irs...

    The IRS has given at least one tiny glimmer of hope for your 2023 finances amid a backdrop of economic uncertainty: You can now increase your tax write-off for fuel costs. On Dec. 29, the agency ...

  6. Mileage Reimbursement Rate for 2023: What To Expect - AOL

    www.aol.com/mileage-reimbursement-rate-2023...

    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 ...

  7. Internal Revenue Code section 162(a) - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    t. e. Section 162 (a) of the Internal Revenue Code (26 U.S.C. § 162 (a)), is part of United States taxation law. It concerns deductions for business expenses. It is one of the most important provisions in the Code, because it is the most widely used authority for deductions. [1] If an expense is not deductible, then Congress considers the cost ...

  8. Taxes 2024: IRS Increases Mileage Standard Deduction ... - AOL

    www.aol.com/taxes-2024-irs-increases-mileage...

    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 ...

  9. Per diem - Wikipedia

    en.wikipedia.org/wiki/Per_diem

    Per diem. Per diem (Latin for "per day" or "for each day") or daily allowance is a specific amount of money that an organization gives an individual, typically an employee, per day to cover living expenses when travelling on the employer's business. A per diem payment can cover part or all of the expenses incurred.

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