Kentucky Reimbursable Travel Expenses Chart
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How to fill out Reimbursable Travel Expenses Chart?
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Effective October 1, 2021, through December 31, 2021, the mileage reimbursement rate is $0.44 per mile. Effective July 1, 2021, through September 30, 2021, the mileage reimbursement rate is $0.44 per mile.
Effective October 1, 2021, through December 31, 2021, the mileage reimbursement rate is $0.44 per mile. Effective July 1, 2021, through September 30, 2021, the mileage reimbursement rate is $0.44 per mile.
In 2021, the standard IRS mileage rate is 56 cents per mile for business miles driven, 16 cents per mile for moving or medical purposes and 14 cents per mile for charity miles driven.
Calculating mileage reimbursement is relatively simple. To find your reimbursement, multiply the number of business miles driven by the IRS reimbursement rate. So if you drove 1,000 miles and got reimbursed . 56 cents per mile, your reimbursement would be $560 (1,000 miles X $0.56 = $560).
Beginning on January 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile for business miles driven, down 1.5 cents from the 2020 rate. 16 cents per mile driven for medical or moving purposes, down 1 cent from the 2020 rate.
Reimbursement of travel expenses is based on documentation of reasonable and actual expenses supported by the original, itemized receipts where required. Reimbursements that may be paid by Company Name are shown below. Airfare.
The tax rate is $0.0285 cents per mile. You are also able to purchase a one-time temporary KYU Permit per truck in200b the event you are not making regular trips through the state of Kentucky.
For employers that use the Commonwealth of Kentucky mileage rate, the rate for January 1, 2022, through March 31, 2022, will remain at 44 cents per mile.
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.
