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The P3 Mileage Reimbursement Rate is the standard reimbursement rate for business-related travel expenses set by the Internal Revenue Service (IRS) in the United States. It is used to calculate the amount of money that an employee can be reimbursed for using their personal vehicle for work purposes.
The current P3 Mileage Reimbursement Rate for 2021 is $0.56 per mile. This means that for every mile an employee drives for work, they can be reimbursed $0.56.
The misunderstanding surrounding the P3 Mileage Reimbursement Rate is due to confusion between the P3 rate and the standard mileage rate set by the IRS. The P3 rate is typically higher than the standard rate and is intended for employees who are required to use their personal vehicle for work purposes.
Employees who are required to use their personal vehicle for business-related travel are typically eligible for P3 Mileage Reimbursement. This includes employees who travel between different work locations, make deliveries, or perform other job duties that require the use of a personal vehicle.
To ensure that you are receiving the correct P3 Mileage Reimbursement Rate, it is important to keep accurate records of your business-related travel expenses and mileage. You should also consult with your employer or HR department to confirm the current P3 rate and any specific guidelines for reimbursement.