Injured workers who travel for related medical treatment will be reimbursed next year at a rate of 67 cents per mile, an increase from 65.5 cents per mile in 2023,. For automobiles a taxpayer uses for business purposes, the portion of the business standard mileage rate treated as depreciation is 27 cents per mile for 2020, 26.
The standard business reimbursement rate will be bumped up by 1.5 cents to 67 cents per mile, effective jan. Has just announced that for 2024, a rate of $ 0.67/mile may be used to compensate employees for business travel in their personal vehicles.
The Standard Business Reimbursement Rate Will Be Bumped Up By 1.5 Cents To 67 Cents Per Mile, Effective Jan.
Having employees use their own vehicle for work can be expensive.
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.
Beginning january 1, 2024, the mileage rate will be 0.21 cents per mile.
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Medical Mileage Deduction Is A Form Of Financial Relief For Taxpayers Who Travel For Various Medical Purposes.
Use this table to find the following information for federal employee travel:
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 irs set the following standard mileage rates for 2024: