2025 Irs Mileage Rates Business Miles. IRS Announces 2025 Standard Mileage Rates For 2025, the business standard mileage rate is 70 cents per mile (up from the 67-cent rate that applied during 2024). For example, if a worker drives 10,000 reimbursable miles a year for their employer, raising the mileage rate by just three cents means $300 more.
Federal Mileage Rate 2023 Know More About IRS! from sdgln.com
The increase in the business rate to 70 cents per mile provides a valuable opportunity to save more on taxes For example: 2024 IRS mileage rate: 67 cents per mile; 2025 IRS mileage rate: 70 cents per mile; You drove 5,000 business miles in 2025; 💰 5,000 × $0.70 = $3,500 tax deduction
Federal Mileage Rate 2023 Know More About IRS!
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. 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 For 2025, the standard business mileage rate has increased to 70 cents per mile, up from 67 cents in 2024
Free Mileage Log Templates Smartsheet. If you use your car for business, charity, medical or moving purposes, you may be able to take a deduction based on the mileage used for that purpose The standard mileage rates for 2025 are: Self-employed and business: 70 cents/mile ; Charities: 14 cents/mile ; Medical: 21 cents/mile ; Moving (military only): 21 cents/mile
2025 Mileage Reimbursement Rate Chart Blanca Fortin. For example: 2024 IRS mileage rate: 67 cents per mile; 2025 IRS mileage rate: 70 cents per mile; You drove 5,000 business miles in 2025; 💰 5,000 × $0.70 = $3,500 tax deduction For example, if a worker drives 10,000 reimbursable miles a year for their employer, raising the mileage rate by just three cents means $300 more.