The IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business. This mileage reimbursement rate is used in expense report reimbursements by many, many business entities (both for profit and not for profit) for the purpose of reimbursing for mileage when an employee or other individual uses their own vehicle for the organization’s business.

The optional standard mileage rate is watched by many as over 80% of all businesses use it for the purpose of reimbursing employees for mileage driven in their personal automobiles for company business. The mileage reimbursement rate is used for expense reporting purposes and as such many employees watch it closely.

This is not the first time the IRS has made a mid-year adjustment, but it is certainly not something that happens every year. The increase in the IRS mileage reimbursement rate is welcome by many employees, or at least those who use their own cards for company business.

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