There are certain jobs out there that require a staff member to use a personal vehicle for business-related trips. An employer may offer Mileage Reimbursement to help compensate some costs that an employee encounters which is usually based on a fixed amount. To request mileage reimbursement from your employer, you will need to fill in a Mileage Reimbursement Form.
A printable Mileage Reimbursement Form template can be downloaded by clicking the link below. The Internal Revenue Service (IRS) has a standard mile reimbursement rate which is currently 56 cents per mile (as of 2021). If an employee receives the standard reimbursement rate or something below this, the sum you get paid does not get taxed. However, any reimbursement received over this rate will be taxable so it may not always be in the best interests to request a higher rate from your employer.
Before agreeing to be reimbursed, it is important to consider all the costs and whether or not you will still be losing money. Petrol is just one of many things a vehicle requires. Think about what other costs are involved, weigh up the price of oil changes, tires, and general maintenance to ensure that you are not on the losing end of the deal.
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