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Showing posts from April, 2023

How To Calculate Mileage Reimbursement

Calculating mileage reimbursement can be a daunting task, especially if you are not familiar with the process. Mileage reimbursement is the money that an individual or business pays to employees who use their personal vehicle for work-related purposes. It is calculated based on the number of miles driven and the current IRS rate. Here are the steps to calculate mileage reimbursement: Determine the purpose of the trip The first step is to determine whether the trip is work-related or personal. Only work-related trips are eligible for mileage reimbursement. Calculate the distance traveled The next step is to calculate the distance traveled. This can be done using a GPS device or by using an online mapping tool such as Google Maps. It is important to note that only the distance traveled for work-related purposes is eligible for reimbursement. Determine the reimbursement rate The IRS sets the standard mileage rate for each year. The standard mileage rate for 2022 is 58.5 cents per mile. T...