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 ...

Jon Gerhardson, of Chicopee, filed suit on Nov. 5 against Springfield Pie Inc., a franchisee that owns and operates several ...

In response to rapidly rising gas prices, the IRS took the unusual step of increasing the standard mileage rates in the middle of the year (they're normally adjusted for inflation only once per year).

The IRS has issued the 2015 optional standard mileage allowance rates to claim a tax deduction for driving an automobile for business, charitable, medical, or moving purposes. The IRS has issued ...

As business owners, your biggest expense is usually your tax bill. That means you have to put a lot of attention and ...

However, on rare occasions, the IRS might adjust rates mid-year to account for inflation or other economic factors. This most recently happened in 2022 and 2011. However, the standard mileage rate ...

If a personal vehicle is used for the convenience of the employee, the employee will be reimbursed at one-half the standard mileage reimbursement rate for which a deduction is allowed for travel under ...