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Business mileage reimbursement rate

From Wikipedia, the free encyclopedia

The business mileage reimbursement rate is an optional standard mileage rate used in the United States for purposes of computing the allowable business deduction, for Federal income tax purposes under the Internal Revenue Code, at 26 U.S.C. § 162, for the business use of a vehicle. Under the law, the taxpayer for each year is generally entitled to deduct either the actual expense amount, or an amount computed using the standard mileage rate, whichever is greater.

The business mileage reimbursement rate is used by some employers for computing employee reimbursement amounts when an employee operates a motor vehicle not owned by the employer for the employer's business purposes. The General Services Administration (GSA) sets the rate for federal jobs. In general, the GSA rate matches the annual rate set by the IRS, although by law the government employee reimbursement rate cannot exceed the mileage rate set by the IRS for business deductions.[1]

Reimbursement by an employer on a per-mile basis is also used in other countries; it offers a similar simplification to payment of subsistence per diem.

Fixed and Variable Rate (FAVR) is another IRS based mileage policy for companies whose drivers drive more than 5000 miles a year. Rates are based on the location where the driver lives and operates his personal vehicle for business use given that the cost of vehicle ownership and operation can vary to a large degree based on geographical location

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Transcription

Reimbursement rates since 1991

Year Automobile Rate (IRS) Privately Owned Aircraft Rate (GSA) Motorcycle
1991 27.5 cents/mile
1992 28.0 cents/mile
1994 29.0 cents/mile
1995 30.0 cents/mile
1996 31.0 cents/mile
1997 31.5 cents/mile
1998 32.5 cents/mile
Jan–Mar 1999 32.5 cents/mile
Apr–Dec 1999 31.0 cents/mile
2000 32.5 cents/mile
2001 34.5 cents/mile
2002 36.5 cents/mile
2003 36.0 cents/mile
2004 37.5 cents/mile
Jan–Aug 2005 40.5 cents/mile
Sep–Dec 2005 48.5 cents/mile
2006 44.5 cents/mile
2007 48.5 cents/mile
Jan–June 2008 50.5 cents/mile
July–Dec 2008 58.5 cents/mile
2009 55.0 cents/mile $1.24/mile
2010 50.0 cents/mile $1.29/mile
January–June 2011 51.0 cents/mile $1.29/mile
July–Dec 2011 55.5 cents/mile $1.29/mile
2012 55.5 cents/mile $1.31/mile
2013 56.5 cents/mile $1.33/mile
2014 56.0 cents/mile $1.31/mile
2015 57.5 cents/mile $1.29/mile
2016 54 cents/mile $1.17/mile
2017 53.5 cents/mile $1.17/mile
2018 54.5 cents/mile[2] TBA
2019 58 cents/mile[3]
2020 57.5 cents/mile[4] $1.27/mile 54.5 cents/mile
2021 56 cents/mile[5]

References

  • IRS.gov Standard Mileage Rate Overview
  • IRS Document 463; Form 2106, Internal Revenue Service, U.S. Dept. of the Treasury (for applicable years); IRS Rev. Proc. 2005–78; IRS Rev. Proc. 2006–49; IRS Rev. Proc. 2008–72.
  • "Privately Owned Vehicle (POV) Mileage Reimbursement Rates". General Services Administration. Retrieved 2008-10-17.
  • Revenue Procedure 2008–72, I.R.B. 2008–50, November 24, 2008, Internal Revenue Service, U.S. Dep't of the Treasury.
  • "IRS Announces 2011 Standard Mileage Rates". Internal Revenue Service. 2010-12-03. Retrieved 2010-12-15.
  • "IRS Announces 2012 Standard Mileage Rates". Internal Revenue Service. 2011-12-09. Retrieved 2011-12-14.
  • "Standard Mileage Rates for 2013". Internal Revenue Service. 2012-11-21. Retrieved 2012-11-21.
  • "2014 Standard Mileage Rates". Internal Revenue Service. 2013-12-06. Retrieved 2013-12-20.
  • "Privately Owned Vehicle Mileage Rates (Archived)". 2016-03-20. Retrieved 2016-03-20.
  • "Section 6 Fixed and Variable Rate Allowance"
  1. ^ Travel and Subsistence Expenses; Mileage Allowances, 5 U.S.C. 5704(a)(1), Available from: US Code Main Page Archived January 30, 2009, at the Wayback Machine, Government Printing Office; Accessed January 28, 2009. "In any year in which the Internal Revenue Service establishes a single standard mileage rate for optional use by taxpayers in computing the deductible costs of operating their automobiles for business purposes, the rate per mile established by the Administrator (of the GSA) shall not exceed the single standard mileage rate established by the Internal Revenue Service."
  2. ^ IRS Notice 2018-03.
  3. ^ IRS Notice 2019-02.
  4. ^ IRS Notice 2020-05
  5. ^ IRS Notice 2021-02
This page was last edited on 31 May 2021, at 17:58
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