Overview of IRS Mileage Rates for 2025 The IRS has announced the 2025 standard mileage rate: 70 cents per mile, which marks an increase of 3 cents from the 2024 rate of 67 cents per mile. This updated rate, issued in IR-2024-312 on December 19, 2024, applies to the business use of personal vehicles, including cars, vans, pickups,…

When employees use personal vehicles for work-related purposes, businesses often provide compensation in the form of mileage reimbursement. This system ensures that employees are fairly compensated for their out-of-pocket expenses, such as fuel, maintenance, and insurance, incurred during work-related travel. Mileage reimbursement is regulated in the United States by the Internal Revenue Service (IRS), which…

Updated: Jan, 2025 Technology is smarter than before. And that means business owners, employees, and the self-employed can skip usual manual methods and leverage intelligent mileage tracker apps to track miles. Some other apps can help you calculate deductible mileage and produce IRS complaint reports with more accuracy. However, there are several mileage tracking apps…

Whether you are self-employed or work for another company – as long as you drive your personal vehicle for business purposes – you can legally claim some tax deductions or reimbursement by submitting your mileage reports. However, using logbooks and spreadsheets to track miles for each business trip can be time-consuming and difficult. That is…

Updated: June, 2022 Due to the recent surge in gasoline prices, the internal revenue service (IRS) has announced a rare midyear increase in the standard mileage rates. Usually, these updates happen once a year and are expected to be used optionally by taxpayers throughout the four seasons before a new change. New IRS Mileage Rates For…

Updated: 2022 As a small business owner, you are entitled to claim mileage deductions on your taxes if you use a vehicle for work, so long as you have an IRS-compliant mileage report. And the best way to maximize your mileage deductions is by using a mileage tracker. To help you understand how this works,…