Follow this company has increased the reimbursement rate for mileage used on vehicles for business purposes by 4.5 cents.
The hike, linked to rising fuel prices, begins July 1 and increases to 55.5 cents a mile.
The current reimbursement rate is 51 cents. Meanwhile, the mileage reimbursement rate for medical or relocation purposes will increase from 19 cents to 23.5 cents.
Mileage for charitable purposes will remain at 14 cents. "This year's increased gas prices are having a major impact on individual Americans," IRS Commissioner Doug Shulman ...
Read the full story at Baltimore Business Journal
The hike, linked to rising fuel prices, begins July 1 and increases to 55.5 cents a mile.
The current reimbursement rate is 51 cents. Meanwhile, the mileage reimbursement rate for medical or relocation purposes will increase from 19 cents to 23.5 cents.
Mileage for charitable purposes will remain at 14 cents. "This year's increased gas prices are having a major impact on individual Americans," IRS Commissioner Doug Shulman ...
Read the full story at Baltimore Business Journal
Thank you for posting this Joe. I use this deduction every year with my job and it's a p.i.t.a. to have to split this up at the end of the year sometimes.
ReplyDeleteNow that I know ahead of time, I can note the mileage on July 1 to make my life a little easier at tax time.