baychef
Silver Member
- 2,882
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
baychef said:Beginning January 1, 2008 - the new IRS mileage reimbursement rate is 50.5 cents per mile.
I wish gas prices had only risen 2 cents within the last year!!!!:cry:RebelChef said:Yay! With gas prices so high, it'll sure help. Thanks for the update!
RebelChef said:Just know the IRS will audit you if it seems an outrageous amount of miles so keep your mileage log up to date. They got us last year but dismissed it because I had records. Also, when you have any repair work done on your vehicle, keep the receipts that show the vehicle's mileage because they'll ask for that as additional proof. You may never need it but you never know.
Kitchen Diva said:What about writting off bandaids for all the paper cuts I'm going to get from all this additional paperwork?
The new IRS mileage reimbursement rate is 50.5 cents per mile. This rate is effective for travel happening on or after January 1, 2018.
The IRS reviews the standard mileage rate each year and makes changes based on various factors, such as inflation and the cost of operating a vehicle. The new rate reflects the increasing cost of gas, maintenance, and other expenses associated with using a personal vehicle for business purposes.
No, the new rate only applies to business-related mileage. The rate for medical or moving purposes is 18 cents per mile, and the rate for charitable purposes is 14 cents per mile.
No, employers are not required by law to use the IRS mileage reimbursement rate. They can choose to use a lower or higher rate, as long as it is based on actual vehicle expenses and is reasonable. However, using the standard rate set by the IRS can save employers time and simplify record-keeping.
To calculate your mileage reimbursement using the new rate, simply multiply the number of business miles driven by 50.5 cents. For example, if you drove 100 miles for business purposes, your reimbursement would be $50.50.