Business Mileage Reimbursement Rate
- Business Mileage Reimbursement Rate
The Business Mileage Reimbursement Rate is an optional standard mileage rate used in the United States for purposes of computing the allowable business deduction, for Federal income tax purposes under the Internal Revenue Code, at usc|26|162, for the business use of a vehicle. Under the law, the taxpayer for each year is generally entitled to deduct either the actual expense amount, or an amount computed using the standard mileage rate, whichever is greater.
The Business Mileage Reimbursement Rate is also used by some employers for computing employee reimbursement amounts when an employee operates an employee-owned automobile for the employer's business purposes. The General Services Administration (GSA) sets the rate for federal jobs. In general, the GSA rate matches the annual rate set by the IRS, although by law the government employee reimbursement rate generally cannot be higher than the mileage rate set by the IRS for business deductions.
Recent reimbursement rates:
ources
* [http://www.irs.gov/pub/irs-pdf/p463.pdf IRS Document 463] ; Form 2106, Internal Revenue Service, U.S. Dept. of the Treasury (for applicable years); IRS Rev. Proc. 2005-78; IRS Rev. Proc. 2006-49.
*cite web |title=Privately Owned Vehicle (POV) Mileage Reimbursement Rates |publisher=General Services Administration |url=http://www.gsa.gov/mileage |accessdate=2008-06-10
External links
* [http://www.wikicpa.com/index.php/Standard_mileage_rates Wikicpa.com] Listing of standard mileage rates
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