IRS increases the standard mileage rate for business use in 2025; …
IR-2024-312, Dec. 19, 2024. WASHINGTON — The Internal Revenue Service today announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024.. Optional standard milage rates are used to calculate the deductible costs of …
Here's the new IRS mileage rate for business use in 2025 - USA …
Dec 21, 2024 · The Internal Revenue Service on Thursday announced that the 2025 standard mileage rate will go up by 3 cents per mile to 70 cents for the optional mileage rate for automobiles driven for...
IRS Raises Standard Mileage Rate for 2025 - SHRM
Dec 20, 2024 · The IRS is raising the standard mileage rate by 3 cents per mile for 2025. The agency on Dec. 19 announced that the business standard mileage rate per mile is rising to 70 cents, up from 67...
Tax updates and news from the IRS | Internal Revenue Service
Standard mileage rates for 2024 – Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are 67 cents per mile driven for business use. For details, see IRS issues standard mileage rates for 2024; mileage rate increases to 67 cents a mile, up 1.5 cents from 2023.
IRS Announces Mileage Rate for 2025 - HR Works
1 day ago · The Internal Revenue Service (IRS) announced the 2025 standard mileage rate. The increase began on January 1 and raised the rate from 67 cents per mile to 70 cents per mile. These rates apply to electric and hybrid-electric automobiles, as well as gasoline- and diesel-powered vehicles. Next Steps for Employers The IRS …
IRS Releases 2025 Standard Mileage Rates - Bloomberg Tax
Dec 19, 2024 · The 2025 standard mileage rate for travel expenses is 70 cents per mile, up from 67 cents, the IRS said in Notice 2025-05. The rate for medical or moving purposes in 2025 is 21 cents per mile, unchanged from 2024, the IRS said.
Business standard mileage rate increases for 2025 - Journal of …
Dec 19, 2024 · The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 70 cents per mile driven, up 3 cents from 2024. The increased rate is effective as of Jan. 1, 2025 (Notice 2025-5).
IRS increases standard business mileage rate for 2025 - ABC15 …
Jan 7, 2025 · That means the standard mileage rate for business use is now 70 cents per mile, up from 67 cents in 2024. However, the IRS said that its other standard mileage rates in 2025 will remain unchanged ...
IRS issues standard mileage rates for 2024; mileage rate …
Dec 14, 2023 · WASHINGTON — The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Announced Today: IRS unveils 2025 mileage rate, led by Motus data
Dec 19, 2024 · The Internal Revenue Service (IRS) has unveiled the 2025 business mileage standard rate of 70 cents, leveraging data from the leader in vehicle reimbursement and driver risk mitigation...