IRS Mileage Rate Increase for 2025: Business Owners Take Note!

Episode Title: IRS Mileage Rate Increase for 2025: Business Owners Take Note!Description: The IRS is bumping up the standard mileage rate for business use in 2025! We break down the key changes and what they mean for you. Learn how this could affect your tax deductions and whether you should be tracking your mileage more closely.Show Notes:IRS increases business mileage rate to 70 cents per mile in 2025 (up 3 cents).Rates for medical, moving (military), and charitable use remain unchanged.Understand the optional nature of standard mileage vs. actual expenses.Learn about special rules for leased vehicles.Find the official IRS notice: IR-2024-312 Hosted on Acast. See acast.com/privacy for more information.