The IRS has released the updated mileage reimbursement rates:
- Business mileage rate is 55.5 cents/mile.
- Medical mileage rate is 23 cents/mile
- Moving expense rate is also 23 cents/mile
- Charitable mileage rate is 14 cents/mile*
Due to the portability options with the new estate tax laws, many people that don't have taxable estates and would not have needed to file a return under the old laws would benefit from filing now. By filing now they can port or transfer their estate tax exemption to their spouse, and in doing so increase the size of their spouses estate that escapes taxation.
Disclaimer
The content on this blog (www.acollinscpa.blogspot.com) is my personal opinion based on my study and understanding of tax laws, policies and regulations. It’s provided for your private, noncommercial, educational and informational purposes only. It’s not a recommendation or endorsement of any company or product. It should not be relied upon as specific tax advice for your personal situation. I strongly suggest that when it comes to filing your taxes, you get additional, professional guidance from individuals who are familiar with your specific circumstances. Those who choose to rely solely upon the information on this site do so at their own risk and peril, and cannot hold the author liable in any form or fashion.
IRS CIRCULAR 230 DISCLOSURE REQUIREMENT: IRS Circular 230 requires us to notify you that any tax advice contained in this communication is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding tax penalties that may be imposed by law.
