The Internal Revenue Service has some good news for taxpayers who use the federal mileage rate to use a vehicle for business. With rising gasoline prices at the pumps, the IRS increased the standard business travel reimbursement rate to 62.5 cents per mile, up 4 cents from 58.5 cents in January. The new tariff will take effect from July 1st to December 31st. The rate applies for the use of a car, van, pickup truck or van. Separately, the new medical deductible rate …

By philcp

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