IRS Finally Boosts Mileage Deduction for Rest of 2022 (Standard Mileage Deduction)
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- čas přidán 22. 08. 2024
- #vehicle #taxes #smallbusiness
2022 Standard Mileage Rate
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IR-2022-124 (6/9/2022)
The IRS has announced that the standard mileage rates are increasing. Beginning July 1, 2022, the rates are 62.5 cents per mile for business use of an automobile and 22 cents per mile for costs of using an automobile as a medical or moving expense.
The standard mileage rates are an optional method, in lieu of tracking actual expenses, of substantiating the costs of operating an automobile for business, medical or moving purposes. This announcement modifies the original standard mileage rates for 2022 that can be found in Notice 2022-3. See IRS issues 2022 standard mileage rates (12/20/2021).
Your videos always keep us updated! Thanks Mike
Hi bhupinder, thank you! Hope you are doing great.
It's not much but once you add all your Miles driven it does accumulate... thank you mike!
Yes it does! You are welcome Maria :) Thank you for watching.
Keep grinding!!! All the best to you with your business.
Thank you Slim Dawg! That really means a lot brother :) Business has been way busier than I ever expected. Good problem to have. It was easier for me to create CZcams Content when I was a full-time employee.
This is probably the shortest video I have ever produced. I was unable to make longer format content this week due to the workload of accounting practice. Nonetheless, hope you enjoy the quick update :)
Geez even the IRS doesn’t expect lower gas prices anytime soon. Seems like the standard rate should be higher than that. Gas prices have doubled and with inflation to boot. We get a few pennies increase.
I think it needs to be closer to a $1 at this point
How can someone's driving expenses exceed the standard deduction? By driving a semi truck or drag racer for many short trips per day? Some component(s) have a high failure rate?
if you use standard mileage deduction and have a business loss, can you passthrough the loss to offset your w2 taxes?
Good question. It depends but yes you can
Can I deduct miles on an eBike? Sorry if already answered. I couldn't wait for the video.