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Changing Standard Mileage Rates in P3: A Frustrating Challenge

In summary, the purpose of changing standard mileage rates in P3 is to accurately reflect the current costs of using a personal vehicle for business purposes. This can be a frustrating challenge due to the constant monitoring and updating required. The rates are typically changed once a year, but can be changed at any time if significant changes occur. There are exemptions to using the standard mileage rates, such as vehicles used for hire or for agricultural purposes. Companies can stay updated on the latest changes by checking official sources or consulting with a tax professional.
byrd1956
byrd1956
Gold Member
2,266
Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
55.5 cents per mile for business miles driven

Does anyone remember how to change this in P3? I have looked and can't remember. I will probably learn that it is sooooo simple!
 
add new expense, then click on edit categories
 
  • Thread starter
  • #3
Thank you! I just didn't see the word edit!
 
No worries!
I can't find anything on the website...that place is hard to navigate lol
 
Now this was the rate as of July 1, 2011 right?!?!?
 
  • Thread starter
  • #6
actually I looked it back up and it said the rate did not change. sorry!
 
That is the same rate as of July, yes. It didnt change for 2012.
 
So what should the rate be? I changed mine to the .555 and if that is not right, what do I need to change it back to?

Also, when do we get reimbursed for that? I did a show that was 171 total miles. Would I get reimbursed when I close the show or on my commission check?
 
TJMagoo said:
So what should the rate be? I changed mine to the .555 and if that is not right, what do I need to change it back to?

Also, when do we get reimbursed for that? I did a show that was 171 total miles. Would I get reimbursed when I close the show or on my commission check?
Click to expand...

You have the correct federal rate. And you wont get reimbursed by anyone. It is for claiming business mileage on your federal taxes when you take business deductions. PC doesnt pay anything for miles.
 
  • #10
Well that sucks LOL thanks for the info!
 

1. What is the purpose of changing standard mileage rates in P3?

The purpose of changing standard mileage rates in P3 is to accurately reflect the current costs of using a personal vehicle for business purposes. These rates are updated annually to ensure they reflect the most recent data on gas prices, vehicle maintenance costs, and other factors that affect the cost of using a personal vehicle for business.

2. Why is changing standard mileage rates in P3 considered a frustrating challenge?

Changing standard mileage rates in P3 can be frustrating because it requires constant monitoring and updating to ensure the rates accurately reflect the current costs. This can be time-consuming and tedious, especially for companies with a large number of employees who use personal vehicles for business purposes.

3. How often are standard mileage rates changed in P3?

The standard mileage rates in P3 are typically changed once a year, at the beginning of the calendar year. However, they can also be changed at any time if there are significant changes in gas prices or other factors that affect the cost of using a personal vehicle for business.

4. Are there any exemptions to using the standard mileage rates in P3?

Yes, there are certain exemptions to using the standard mileage rates in P3. These exemptions include vehicles used for hire or for transporting goods for hire, as well as certain types of vehicles used for agricultural purposes. In these cases, actual expenses may be used instead of the standard mileage rates.

5. How can companies stay updated on the latest changes to standard mileage rates in P3?

Companies can stay updated on the latest changes to standard mileage rates in P3 by regularly checking official sources such as the IRS website or consulting with a tax professional. It is important to stay informed and make any necessary adjustments to ensure accurate reimbursement for employees using personal vehicles for business purposes.

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