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IRS increases the standard mileage rate for business use in 2025; key . . . Beginning Jan 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 business use, up 3 cents from 2024 21 cents per mile driven for medical purposes, the same as in 2024
IRS Sets 2025 Mileage Rates and Vehicle Limits For 2025, the rate is 70 cents per business mile, with updated limits for depreciation and vehicle valuation under IRS Notice 2025-5 These changes affect how individuals, self-employed workers, and employers calculate deductible car expenses
IRS Announces Standard Mileage Rates For 2025 - Forbes 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 business use (up 3 cents from 2024) 21 cents per
IRS RELEASES 2025 STANDARD MILEAGE RATES The IRS has released the annual optional standard mileage rates for 2025, encompassing the expenses associated with using your personal vehicle This commonly applies to business usage and is also relevant if you use your vehicle for medical, moving or charitable purposes
IRS Mileage Rates 2025 Explained - esmartaccountants. com For 2025, the IRS has updated the standard mileage rate for business use of a personal vehicle to 70 cents per mile — up from 67 cents in 2024 This rate applies to self-employed professionals, freelancers, and small business owners who use their personal car for work-related travel Here’s a quick breakdown: Purpose 2025 Rate […]
What is the IRS-approved mileage rate for 2025? - Jackson Hewitt What is the IRS-approved mileage rate for 2025? The IRS-approved standard mileage rate for 2025 is 70 cents per mile for business and self-employed workers It’s 14 cents per mile for charitable purposes, and 21 cents per mile for medical transportation or military moving
IRS Mileage Rate 2025 | Updated Rates Rules How are the mileage rates set? The IRS has issued the 2025 standard mileage rate: 70 cents per mile, up 3 cents from 67 cents in 2024 Issued in IR-2024-312 on Dec 19, 2024, it applies to business use of a personal vehicle (cars, vans, pickups, and panel trucks) and comes into effect Jan 1, 2025
2025 IRS Standard Mileage Rates Announced | Gulla The Internal Revenue Service (IRS) has announced an increase in the optional standard mileage rate for business use starting January 1, 2025 This change provides taxpayers with updated rates to calculate deductible costs for vehicle use in business, charitable, medical, and certain moving purposes
2025 IRS Mileage Rates | Paylocity The IRS has provided the standard mileage rates effective January 1, 2025 For 2025, the standard mileage rate for business travel will be 70 cents per mile, an increase of 03 cents from the rate effective at the start of the year