Ask Experts Questions for FREE Help !
Ask
    anniemond's Avatar
    anniemond Posts: 2, Reputation: 1
    New Member
     
    #1

    May 2, 2007, 11:43 AM
    Car mileage reimbursement
    I read that the IRS increased the mileage reimbursement to 48.5 cents/mile for business miles driven.

    Just confirming this info.

    Also, this is something standard across the nation?

    Thanks.
    Lotz_of_Questions's Avatar
    Lotz_of_Questions Posts: 179, Reputation: 17
    Junior Member
     
    #2

    May 2, 2007, 11:51 AM
    I work in Accounts payable for a company. We reimburse up to 40 cents per mile. The IRS can increase it but that does not mean that the Company you work for MUST reimburse you up to 48.5 cents. I know you can claim the extra 8.5 cents on you taxes.

    Oh and I'm not sure if it did go up, you'll need to wait for some else's answer for that.
    anniemond's Avatar
    anniemond Posts: 2, Reputation: 1
    New Member
     
    #3

    May 2, 2007, 11:57 AM
    Quote Originally Posted by Lotz_of_Questions
    I work in Accounts payable for a company. We reimburse up to 40 cents per mile. The IRS can increase it but that does not mean that the Company you work for MUST reimburse you up to 48.5 cents. I know you can claim the extra 8.5 cents on you taxes.

    Oh and I'm not sure if it did go up, you'll need to wait for some else's answer for that.

    ----------------------------------------------------------------------------------------------------------
    Dear Lotz_of_questions: thank you so much for your response :)
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #4

    May 2, 2007, 12:01 PM
    See here:

    IRS Announces 2007 Standard Mileage Rates

    But, as Lotz pointed out this is for tax purposes. While most companies follw the IRS guidelines there is no requirement to.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Reimbursement [ 2 Answers ]

I need to reimburse an employee for expenses that they paid for with their own cash... it says to issue a check for reimbursement and journalize this cash purchase of merchandise... when issuing a check on the check stub who do I write the check to and what is it for and when journalizing it what...

Relocation reimbursement. [ 0 Answers ]

Hi, I recently converted from being a contractor to a full time employee. My new employer is giving me a relocation reimbursement/bonus of $5,000. This will not be grossed up ---- meaning that I will have to pay taxes on it. The salary that they have given me is $70K/year for this position in...

No Taxed Relocation Reimbursement [ 1 Answers ]

My company moved me last year and paid for all expenses including four months of temporary housing. This is being reported as non-taxed income. How much if any of this is deductible. What documentation do I need in order to deduct these expenses? Thanks for the information,


View more questions Search