IR-2024-312, Dec. 19, 2024 WASHINGTON — The Internal Revenue Service today announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024. Optional standard milage rates are used to calculate the deductible costs of […]

Around a million eligible taxpayers who did not claim the Recovery Rebate Credit on their 2021 tax returns can expect to automatically receive these payments by late January 2025, the IRS announced. (IR 2024-314, 12/20/2024) The agency said these taxpayers would not have to go through the process of filing an amended return to receive […]

IR-2023-239, Dec. 14, 2023 The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will […]