Is your company complying with the rules and policies surrounding employee mileage reimbursement? Here are the main things you need to know.
If your employees use their personal vehicles for work-related tasks, you may be required to reimburse them for their mileage. Let’s look at six frequently asked questions about mileage reimbursement.
Mileage reimbursement involves compensating your employees for any business-related driving they do. It’s often done when employees use their personal vehicles to travel and run business-related errands.
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That means employees will receive a certain amount of compensation for every mile they drive for the business. You could choose to give your employees a monthly mileage allowance, but using the IRS’s standard rate is usually more straightforward. Just make sure that your employees understand how the reimbursement is calculated.
According to the IRS, business mileage is any mileage driven between two places of work. That means...
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