2024 Mileage Rate Reimbursement. On december 14, 2023, the internal revenue service (irs) issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The mileage reimbursement rate is the standard compensation employees receive for using a vehicle for work purposes.
This notice provides the optional 2024 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. The general services agency (gsa) has released new rates for reimbursement of privately owned vehicle (pov) mileage for 2024.
As Of The 2023/2024 Tax Year, The The Approved Mileage Rates Are As Follows:
This rate reflects the average car operating cost, including gas, maintenance, and depreciation.
Notable Rates Are Listed Below:
The mileage reimbursement rate is the standard compensation employees receive for using a vehicle for work purposes.
The Official Mileage Reimbursement Rate Is Advisory, And As A Company, You Can Choose To Reimburse Employees At A Lower Or Higher Rate Than The One Set By The Irs.
Images References :
2024 Mileage Reimbursement Rate Calculator 2024.
Gao used the average fuel price in august 2023 of $3.95 per gallon and a fuel efficiency of 22.9 miles per gallon, the 2021 average fuel.
14 Announced That The Business Standard Mileage Rate Per Mile Is Rising To 67 Cents, Up From.
25p for each business mile after 10,000 miles.
The Mileage Reimbursement Rate Is The Standard Compensation Employees Receive For Using A Vehicle For Work Purposes.