Your corporation is allowed to reimburse you for your business mileage throughout the year if you provide the company with evidence.
Unlike partnerships and sole proprietors, a corporate entity must make a reimbursement payment or the deduction is lost; shareholders and employees cannot claim a business mileage deduction on their individual income tax returns.
Please note: The IRS reimbursement rate will change on July 1, 2022 to account for higher fuel costs.
| 2022 | ||
| Standard Mileage Rate deduction (cents per mile) | ||
| Jan-Jun | Jul-Dec | |
| Business miles | 58.5 | 62.5 |
| Medical miles | 18.0 | 22.0 |
| Military moving miles | 18.0 | 22.0 |
| Charitable miles | 14.0 | 14.0 |
Kenneth Athon Tax Strategies 