2024 Federal Mileage Rate: Rules, Calculation and Reimbursement
What is the 2024 federal mileage rate?
The 2024 federal mileage rate is 67 cents per mile for business purposes. This is up 1.5 cents from the 2023 rate of 65.5 cents per mile. The mileage rate is used by taxpayers to deduct the cost of operating a vehicle for business purposes. It is also used by taxpayers to deduct the cost of traveling for https://kyonyulounge.com/
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medical or moving purposes. The mileage rate is set by the Internal Revenue Service (IRS) and is based on the cost of owning and operating a vehicle, including fuel, depreciation, and insurance.
How to calculate mileage reimbursement for 2024?
To calculate mileage reimbursement for 2024, you will need to know the following:
The number of miles driven for business purposes
The IRS mileage rate for 2024, which is 67 cents per mile
Once you have this information, you can use the following formula to calculate your mileage reimbursement:
Mileage reimbursement = Number of miles driven * IRS mileage rate
For example, if you drove 100 miles for business purposes in 2024, your mileage reimbursement would be:
Mileage reimbursement = 100 miles * $0.67 per mile = $67.00
It is important to note that the IRS mileage rate is just an estimate of the cost of owning and operating a vehicle for business purposes. You may be able to deduct more than the mileage rate if you can prove that your actual expenses were higher. However, you cannot deduct less than the mileage rate.
If you are receiving mileage reimbursement from your employer, your employer will likely have a specific policy on how to calculate and submit your reimbursement requests. Be sure to check with your employer to find out
