IRS Increases the Standard Mileage Rate for Businesses

On December 19, the Internal Revenue Service announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025. Meanwhile, the mileage rates for vehicles used for other purposes will remain unchanged from 2024. Optional standard mileage rates are used to calculate the deductible costs of operating vehicles for business, charitable, and medical purposes, as well as for active-duty members of the Armed Forces who are moving. 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 the written story, read here >> https://www.signalsaz.com/articles/irs-increases-the-standard-mileage-rate-for-businesses/

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