What is the reimbursement rate for moving mileage per mile?

The correct reimbursement rate for moving mileage per mile is based on the allowance set by the Internal Revenue Service (IRS), which frequently updates these figures to reflect economic changes. As of October 2023, the IRS allows a reimbursement rate of $0.22 per mile for moving-related expenses. This rate is designed to cover the costs associated with operating a vehicle for moving purposes, including fuel, maintenance, insurance, and wear and tear.

It's important to stay updated on these rates, as they can change from year to year. Understanding this rate is crucial for payroll professionals, as proper reporting and reimbursement practices can impact both employee satisfaction and compliance with tax regulations. Using the correct moving mileage reimbursement amount helps avoid issues during audits and provides accurate compensation for employees who incur these legitimate work-related expenses.