IRS Notice: 2025 Standard Mileage Rates (IRC §61)

Optional 2025 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes, the IRS released. This notice also provides: (1) the amount taxpayers must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that may be used in computing the allowance under a fixed and variable rate (FAVR) plan; and (2) the maximum fair market value of employer-provided automobiles first made available to employees for personal use in calendar year 2025 for which employers ...