Travel Reimbursement Rate 2025: Standard Mileage Rates IRS Rules For self-employed individuals and independent contractors, mileage is a deductible business expense, not reimbursement They must track and report mileage expenses on their tax returns using the IRS 2025 travel reimbursement rates
The IRS has Announced the Standard Mileage Rates for 2025 Staying updated on the IRS standard mileage rates is vital for maximizing deductions and staying compliant This guide will show you the new rates and how you can prepare to maximize your tax deductions
IRS Announces Mileage Change For 2025 - KRS CPAs, LLC The IRS explains that you can generally figure the amount of your deductible car expense by using one of two methods: the standard mileage rate method or the actual expense method
IRS Mileage Rates 2025 - Mileafy Employers can use the IRS mileage rate to reimburse employees for business-related travel Any reimbursement exceeding the standard rate is treated as taxable income for the employee
Maximize Your Mileage Deductions in 2025: Here’s How Understanding the 2025 mileage rates and calculating your deductions accurately can reduce your tax burden and maximize your vehicle-related expenses Whether you choose the standard mileage rate or the actual expense method, meticulous record-keeping is key to maximizing your deduction
IRS Standard Mileage Rates for 2024 and 2025: Full Breakdown The IRS sets a standard mileage rate each year, determining how much you can deduct per mile For 2025, the IRS has increased the standard mileage rate to 70 cents per mile — a 3-cent jump from the IRS standard mileage rates 2024, which was 67 cents per mile for business use