Tax news you can use....
The Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.
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. This is a small concession considering gas prices have risen by much more than that over the start of the year.
Written by John M Matras CPA
Copyright 2022. Tax news you can use is a feature to the subscribers of the mytax.today app and fractionaltax.com. All rights reserved.