Federal Mileage Reimbursement
The sum you will subtract from your federal income taxes for the expenses of driving your vehicles like a van, car, pickup, or panel truck for either charitable activity and medical or transporting movements purposes is known as the federal mileage reimbursement. The federal mileage compensation limit is determined by the number of eligible miles traveled by car. The cost per mile that can be deducted is fixed by the Internal Revenue Service (IRS). The cost per mile varies depending on the type of eligible usage. It also fluctuates year to year as the IRS assesses shifts in the costs of car possession and operation. The standard mileage rate is the name given to the federal mileage reimbursement. However, some businesses like self employed and military movements for official purposes are eligible for such benefits.
According to the IRS official website, the Federal Mileage Reimbursement or Standard Mileage Rate for 2021 is,