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Travel expenses, and reimbursement of employees' travel expenses, are considered a legitimate business expense that can be deducted from a company's income taxes. For this reason, it can be advantageous to both employers and employees to have a reimbursement policy for travel expenses.
Beginning January 1, 2021, the standard mileage reimbursement rate has been set at . 56 cents per mile, according to the Internal Revenue Service.
Travel expenses, and reimbursement of employees' travel expenses, are considered a legitimate business expense that can be deducted from a company's income taxes. For this reason, it can be advantageous to both employers and employees to have a reimbursement policy for travel expenses.
The IRS mileage rate is a maximum rate that employers may use for tax-free reimbursement. Employers that reimburse more than the IRS rate are required to treat any amount above the IRS rate as taxable income to the employee(s).
In sum, the State of Illinois' mileage reimbursement rate for the use of personal vehicles will increase from 54.5 cents per mile to 58 cents per mile effective January 1, 2019.
A travel and expense policy states the ethics and responsibilities of business travel. It paves the roadmap that every employee should follow to uphold the legitimacy of their business expenses. They are expected to exercise fair judgment while spending and reporting business expenses.
The cost of work-related travel, including transportation, lodging, meals, and entertainment that meet the criteria outlined in IRS Publication 463, Travel, Entertainment, Gift, and Car Expenses, are generally reimbursable expenses.
In sum, the State of Illinois' mileage reimbursement rate for the use of personal vehicles will decrease from 58 cents per mile to 57 . 5 cents per mile effective January 1, 2020.
Certain states including California, Illinois and Massachusetts do mandate that employers reimburse employees for mileage and vehicle expenses related to work. Each year, the IRS sets its mileage reimbursement rate. In 2020, the standard mileage rate is $0.575 per mile.
58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021, 18 cents per mile driven for medical, or moving purposes for qualified active-duty members of the Armed Forces, up 2 cents from the rate for 2021 and.