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Author: footsox Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: IRS Mileage Amount? Date: 11/4/2001 6:04 PM
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Can someone tell me what amount the IRS allows for mileage?

Also, any insight as to what amount an employer these days should reimburse an employee for his/her mileage? Any rough estimates would be appreciated.

Thanks,
Footsox
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Author: TheBadger Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 54994 of 121219
Subject: Re: IRS Mileage Amount? Date: 11/4/2001 6:43 PM
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The standard mileaeg allowance for the business use of a personal vehicle are as follows:

1/1/98 to 3/31/99 .325
4/1/99 to 12/31/99 .310
1/1/00 to 12/31/00 .325
1/1/01 to 12/31/01 .345

As a mater of simplicity, most employers simply adopt the IRS guidelines above unless you can personally establish a materially higher cost of operating your vehicle.

Thebadger


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Author: RiverCityFool Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 54997 of 121219
Subject: Re: IRS Mileage Amount? Date: 11/4/2001 9:15 PM
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Why not check with the IRS?

Car Expenses
http://www.irs.gov/prod/forms_pubs/pubs/p4630401.htm
"For 2000, the standard mileage rate is 32 1/2 cents a mile for all business miles."

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Author: acm4tax Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 55032 of 121219
Subject: Re: IRS Mileage Amount? Date: 11/5/2001 8:37 PM
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"For 2000, the standard mileage rate is 32 1/2 cents a mile for all business miles."

This is true, but for 2001 & 2002, the IRS rate is 34.5 cents per mile.

An employer may chose to reimburse his employees any amount he choses.
An employer could reimbuse 10 cents a mile if that's the maximum he's willing to pay. Or he could pay over the 34.5 cents. There is no rule what an employer can or must reimburse his employees.

IRS just sets the limit of what it will allow one to deduct on a tax return to 34.5 cents per business mile or the actual expense and depreciation times the percentage of business use.

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Author: mplynch One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 56010 of 121219
Subject: Re: IRS Mileage Amount? Date: 12/14/2001 8:23 PM
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I believe it was recently announced that the 2002 standard business mileage rate will be 36.5 cents/mile.


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