Have you heard that the IRS announced that there will be an increase in mileage rate for the remainder of 2022 starting July 1, 2022?
What does that even mean?
It means that “taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.” Or to put it in simpler terms, American citizens are able to collect more money back from the government when they file their taxes if they had to pay out of pocket travel expenses for work.
What kind of “increase” are we talking about?
“For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022.”
Why did the IRS decide for the increase?
“The IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices,” said IRS Commissioner Chuck Rettig. “We are aware a number of unusual factors have come into play involving fuel costs, and we are taking this special step to help taxpayers, businesses and others who use this rate.”
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