WebJun 9, 2024 · Citing soaring gas prices, the Internal Revenue Service (IRS) on June 9 announced an increase in the optional standard mileage rate for the final six months of … WebJul 7, 2024 · Chicago. The Windy City has already started issuing some of the 50,000 prepaid $150 gas cards and 100,000 prepaid $50 transit cards approved by the city council.
What a federal gas tax holiday could mean for prices at the pump
WebDec 17, 2024 · Beginning on January 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58.5 cents per mile driven for business … WebJun 9, 2024 · On June 9, 2024, the Internal Revenue Service issued Announcement 2024-13, increasing the optional standard mileage rate for the final six months of 2024 from 58.5 cents per mile to 62.5 cents per mile. The new rate will be effective for traveling beginning on July 1, 2024, through December 31, 2024. The old rate of 58.5 cents per mile will … hartford family medicine center llc
2024 Mileage Reimbursement Rates - Midyear Adjustments
WebJun 14, 2024 · IRS boosts standard mileage rate deduction to 62.5 cents per mile, a 4 cent hike, as gas soars to more than $5 a gallon Published Tue, Jun 14 2024 10:42 AM EDT Updated Tue, Jun 14 2024 10:57 AM ... WebLet’s say your employee drove 200 miles in January 2024. You would take that mileage and multiply it by the standard rate: 200 * $0.655 = $131 This is the amount you would be reimbursing that’s tax-free. 200 * 0.70 = $140 This is the actual amount you gave to your employee as reimbursement. That $9 difference would be taxed as income for ... WebIMPORTANT: The "gas tax rebate/inflation relief" refund (Middle Class Tax Refund) is not administered by the State Controller's Office. ... From 7/1/2024 to 6/30/2024: 0.511: From 7/1/2024 to 6/30/2024: 0.539: Mail and Electronic Claim Submission. Send Form SCGR-1, applicable Schedules, and supporting documentation to: State Controller’s Office hartford family old vine zinfandel