Some of you have reached out to me regarding the IRS Mileage Rates for 2025. The 2025 rates are delayed until ‘sometime in December 2024’. What, you expected something more precise from IRS, delivered in a timely manner?
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It is still 2024. And .67 a mile is a lot already. Will they really bump it again?
IRS has already bumped other thresholds (tax brackets, retirement contributions, etc…), so we’re expecting another mileage bump due to inflation. How much is a mystery.
With the miles I cover it’s easy to stay under the SS retirement allowable wage on net income.
The mileage deduction reduces your taxable income. If you don’t need to file, you may still want to file a return. Stimulus payments in recent years have shown how important it is to have your information updated with the IRS.
I always file. Last year I even got a refund for having medical insurance.