The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating a vehicle.
The Internal Revenue Service has increased the business mileage reimbursement rate to 54.5 cents from 53.5 cents for 2018. The new rate will go into effect on Jan. 1.
The Internal Revenue Service has reduced the business mileage reimbursement rate for one half of a cent to 53.5 cents from 54 cents. The new rate went into effect on Jan. 1.
The Internal Revenue Service lowered the business mileage deduction by 0.5 cents to 56 cents per mile effective Jan. 1. The 2014 rate decreases the 2013 rate of 56.5 cents, which went into effect Jan. 1, 2013.
Last August, the IRS announced areas it will prioritize for audits in 2014, one of which is fringe benefits, especially the personal use of company vehicles. Managing personal-use compliance is a headache. It is also expensive, with internal costs ranging from $35 to $75 per year per vehicle. Here's what you need to do to be prepared should your friendly IRS agent come knocking on your front door.
The new rates go into effect Jan. 1, 2013.
While the tax breaks have lessened from the last two years, fleet buyers have a few tax benefits to take advantage of in 2012 — though one will expire at the end of this year.
WASHINGTON – The IRS announced the optional standard mileage rate for business use of a vehicle is unchanged from the rate announced in July 2011, at 55.5 cents per mile.
WASHINGTON – The IRS is increasing the optional standard mileage rates for operating an automobile for business purposes for the last half of 2011.
WASHINGTON – The IRS has published updated guidelines for 2011 for inflation-adjusted depreciation limits and lease inclusion amounts for passenger vehicles.
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