The IRS Mileage Rates are important if you use a personal car for business, charity or medical reasons. We've compiled the federal mileage rates for the last few years.
The IRS sets the standard mileage rate as a way to compensate taxpayers for the cost of using their vehicles. It hasn't put the exact formula out but we know these rates include gas prices, oil costs, depreciation and wear and tear. The IRS typically leaves a single rate for the entire year. But, as you can see, it changed in 2011 due to volatile gas prices.
Medical mileage plays into your medical expense deduction. You can deduct transportation costs for yourself, a spouse or a dependent. The transportation costs must be primarily for and essential to medical care.
The mileage rate of 14 cents per mile for charitable purposes hasn't changed in a long time.
Using the standard mileage rate means calculating your deduction is quite simple. You multiply the amount of miles by the applicable rate to come up with your deduction.
Of course, the IRS doesn't just take your word for these miles. If you ever face an audit, you'll need an accurate mileage log. If you don't have one, the IRS can negate the deduction and add penalties on top of it.
The official IRS mileage reimbursement rate is ... nothing. The IRS doesn't mandate businesses reimburse employees for company mileage. Many companies do this in order to attract and retain talent, though. Many companies peg the reimbursement rate to the standard mileage rate. If your company pays lower than that, you may be eligible for a partial reimbursement. Of course, you're going to need accurate an mileage log to claim that.
All data is taken from the IRS.
The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.