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 …
6 days ago · 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 Announces Standard Mileage Rates For 2025 - Forbes
Dec 20, 2024 · The IRS has announced its 2025 standard mileage rates. Beginning January 1, 2025, the standard mileage rates for the use of a car, van, pickup, or panel truck will be: 70 cents per mile 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 cents ...
IRS News Release: 2025 Standard Mileage Rate for Vehicles …
Dec 19, 2024 · Beginning Jan. 1, 2025, the optional standard mileage rate for automobiles driven for business will be 70 cents per mile (increased from 67 cents per mile in 2024), while the mileage rates for vehicles used for other purposes will remain unchanged from 2024, the …
Notice 2025-5: Standard mileage rates for 2025 - kpmg.com
Dec 19, 2024 · The IRS today released Notice 2025-5 providing the standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving purposes in 2025.
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).
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 2025 Mileage Rates, Highlights Changes for …
WASHINGTON, D.C. — The Internal Revenue Service (IRS) has announced updated optional standard mileage rates for 2025, affecting taxpayers using automobiles for business, medical, moving, and ...
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