2025 Irs Mileage Rates Business Miles. Irs Mileage Rate 2024 Increase Devi Kaylee This is up from 67cents per mile in 2024; 21 cents per mile driven for medical purposes, same as in 2024; and Optional standard milage rates are used to calculate the deductible costs of operating vehicles for.
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For 2025, the IRS mileage rate for business use is 70 cents, a three-cent increase from 2024's mileage rate of 67 cents per mile The IRS's new mileage rates for 2025 bring good news for drivers, especially those using their vehicles for business purposes
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The formula is simple: Total Business Miles × Standard Mileage Rate = Deduction The IRS's new mileage rates for 2025 bring good news for drivers, especially those using their vehicles for business purposes For example: 2024 IRS mileage rate: 67 cents per mile; 2025 IRS mileage rate: 70 cents per mile; You drove 5,000 business miles in 2025; 💰 5,000 × $0.70 = $3,500 tax deduction
2025 IRS Mileage Rate Guide for Insurance Agents Tax Deductions. The standard mileage rates for 2025 are: Self-employed and business: 70 cents/mile ; Charities: 14 cents/mile ; Medical: 21 cents/mile ; Moving (military only): 21 cents/mile While the rise might seem modest, it can add up for businesses with employees who travel frequently.
2025 Mileage Reimbursement Rate Chart Blanca Fortin. The IRS has increased the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business purposes in 2025 while leaving other rates unchanged Optional standard milage rates are used to calculate the deductible costs of operating vehicles for.