standard mileage rate Archives

Standard Business Mileage Rate Increases for 2024

Posted on January 8, 2024 (January 23, 2024) by Rachael McGrew

Standard Business Mileage Rate 2023 Image

In 2024, there will be a 1.5 cent increase per mile to the optional standard mileage rate that is used to determine the deductible cost of operating a vehicle for business purposes. The IRS recently announced that the cents-per-mile rate for using a car, van, pickup, or panel truck for commercial purposes will increase to

Standard Mileage Rate Increases for Remainder of 2022

Posted on June 28, 2022 by Andrew Litchford

Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices website. A gallon of diesel averaged $5.78 a