Mileage 2025 Business Insider. Are We in a Recession? Where the US Economy Is Headed in 2025 The mileage rates for vehicles used for other purposes will remain unchanged from 2024 The IRS has released (Notice 2025-5) the 2025 standard mileage rates
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For automobiles a taxpayer uses for business purposes, the portion of the business standard mileage rate treated as depreciation is 26 cents per mile for 2021, 26 cents per mile for 2022, 28 cents per mile for 2023, and 30 cents per mile for 2024, and 33 cents per mile for 2025 Optional standard milage rates are used to calculate the deductible costs of operating vehicles for business, charitable and medical purposes, as well as for active-duty members of the.
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For 2025, the business standard mileage rate is 70 cents per mile (up from the 67-cent rate that applied during 2024). The IRS has increased the optional standard mileage rate for automobiles driven for business to 70 cents per mile for 2025 A new year will mean a new, slightly higher standard mileage rate for 2025.
Top 10 African countries with the highest purchasing power per capita in 2025 Business Insider. Notice 2025-5 provides that beginning January 1, 2025, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 70 cents per mile driven for business use (up 3 cents from 2024) 21 cents per mile driven for medical purposes (unchanged from 2024) Employees and taxpayers may still track mileage for non-business purposes: Medical Mileage: Eligible for trips to and from medical appointments, therapy, or treatment.
2025 Irs Mileage Allowance Audrey Mcdonald. Optional standard milage rates are used to calculate the deductible costs of operating vehicles for business, charitable and medical purposes, as well as for active-duty members of the. The IRS has announced the optional 2025 standard mileage rates for business, medical, and other uses of an automobile, and the 2025 vehicle values that limit the application of certain rules for valuing an automobile's use