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
The standard mileaeg allowance for the business use of a personal vehicle are as follows:1/1/98 to 3/31/99 .3254/1/99 to 12/31/99 .3101/1/00 to 12/31/00 .3251/1/01 to 12/31/01 .345As 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
Why not check with the IRS?Car Expenseshttp://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."
"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.
I believe it was recently announced that the 2002 standard business mileage rate will be 36.5 cents/mile.
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