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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 ...
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 ...
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 ...
The energy obtainable from burning one US gallon of gasoline is 115,000 BTU, 33.70 kWh, or 121.3 MJ. [8] To convert the mile per gallon rating into other units of distance per unit energy used, the mile per gallon value can be multiplied by one of the following factors to obtain other units: 1 MPGe.
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 ...
The mileage for dual-fuel vehicles, such as E85 capable models and plug-in hybrid electric vehicles, is computed as the average of its alternative fuel rating—divided by 0.15 (equal to multiplying by 6.666)—and its gasoline rating. Thus an E85-capable vehicle that gets 15 mpg on E-85 and 25 mpg on gasoline might logically be rated at 20 mpg.
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