When we flip the calendar into the New Year, drivers will be looking at a new, slightly higher standard mileage rate for a deduction for business use on their 2024 federal income tax return.

When we flip the calendar into the New Year, drivers will be looking at a new, slightly higher standard mileage rate for a deduction for business use on their 2024 federal income tax return.

The Internal Revenue Service announced an increase in the standard mileage rates when people use their vehicles for business use. The standard mileage deduction rose to 67 cents per mile ...

The IRS lowered the mileage reimbursement rate to 54 cents per mile for a business vehicle in 2016, which is a 3.5 cent decrease from 2015 amidst low oil prices. The IRS lowered the mileage ...

The IRS announced Friday that it was responding to the high price of gasoline by raising the mileage rate for business-expense deductions. Effective September 1st, the rate jumps from 40.5 cents a ...