Free Mileage Reimbursement Calculator for 2024

Last updated: October 22, 2024 

If you’re someone who frequently travels for work, or manages employees who travel for work, then a mileage reimbursement calculator can come in handy. Not only does it provide an accurate reflection of your miles or the miles of the employees you manage, but it also ensures that you receive the compensation you deserve.

What is the Mileage Reimbursement Calculator?

MileageWise’s Mileage Reimbursement Calculator is an online tool tailored to help self-employed people and employers or managers of corporations calculate mileage reimbursement for the tax year. This calculator takes into consideration the current standard mileage rate for business. By inputting your business mileage and the applicable IRS mileage rate, you can easily find out your total reimbursement amount.

Please note that simply submitting your reimbursement calculations doesn’t qualify as submitting an IRS-Proof log, but MileageWise is here to help you.

How to Use the Calculator

Input Your Mileage

Start by entering the total miles driven for business purposes

Input the Date Range

Select the year to be calculated. This way, the calculator will automatically apply the IRS standard mileage rate for that year.

Calculate Your Reimbursement

With a single click, the calculator processes the input data and provides the total reimbursement amount.

For example, if you’ve driven 100 miles for a business purpose and the IRS mileage rate is set at 67 cents per mile, the calculator will multiply the miles for business by the IRS rate to give you your mileage reimbursement.

Review and Share

You can review the detailed breakdown, save it for your records, or share it as needed.

Mileage Reimbursement Calculator for Employers

With this calculator, you can estimate how much you can save on time and money as an employer managing multiple drivers.

Here you can set:

• the number of our drivers
• the average number miles and trips
• your custom mileage rate

What is the IRS Mileage Rate for 2024?

The IRS mileage rate for 2024 has been set at 67 cents per mile. Tax rules and standards change, but with MileageWise, you’ll always be updated with the standard mileage deduction rate. 

You can also check out the business, medical, and charitable rates from past years:

Why Past Mileage Rates Are Important

According to the IRS, you should maintain records supporting any deductions or income items for at least three years from the date you file the related tax return. This means the IRS can audit mileage logs from 2020, 2021, and 2022, and potentially 2023 if the return was recently filed.

Additionally, if you missed filing a return or need to correct a filed return—like adding a missed deduction or fixing an error—you have three years from the original deadline to make changes. This gives you time to file a late return or amend an existing one to claim additional deductions or resolve any issues

Venturing into Self Employment Deductions

For the self-employed and  small business owners, every deduction counts and mileage is a significant part of self-employment deductions. With MileageWise, tracking these miles and ensuring you’re getting the rightful deductions becomes a breeze.

With all these features in place, making a mileage claim calculation is effortless. Forget about manually logging miles or keeping countless receipts; MileageWise has got you covered for both ongoing and retrospective mileage tracking and claims.

Download MileageWise’s automatic mileage tracker app from Google Play or the App Store & try it for free for 14 days. No credit card required!

try mileagewise for free

Claiming for Previous Years

If you have your past records, MileageWise makes sure that the possible claims for your trips will be calculated with their respective mileage rate.

But what if you have trip gaps and your records are missing? No worries at all! You most probably had your Google Maps enabled, so MileageWise can just take those Google Timeline records and take those Google Timeline records and turn them into IRS-Proof mileage logs for the previous years or this year, too.

Is your Google Timeline disabled? MileageWise can handle it! Our advanced AI Wizard can create your retrospective mileage log even without Google Timeline data. By analyzing your driving habits and patterns, the AI Wizard suggests trips and fills in the gaps, ensuring you have a complete and accurate mileage log for IRS compliance.

The Ultimate Deduction Tracker

Apart from mileage, there might be other deductions you want to track such as your vehicle expenses. MileageWise doubles as a vehicle expense tracker, ensuring that all your car-related expenses are calculated.

MileageWise’s Comprehensive Dashboard

Another feature that sets MileageWise apart is its comprehensive dashboard. It provides a visual representation of your travels, expenses, and reimbursement amounts. This can be particularly useful for audits, offering a clear and detailed overview of your mileage data.

The dashboard also lets you manually edit and add trips and manage retrospective records imported from Google Timeline.

MileageWise – The Ultimate Solution

In the world of business travel, the difference between using manual mileage tracking methods and a comprehensive mileage reimbursement calculator like MileageWise can be significant. With features ranging from a gas mileage reimbursement calculator to a deduction tracker, MileageWise is the perfect companion for every professional on the move.

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