The IRS just raised the standard mileage rates for the second half of the year.
I’ll explain what the raise means to you when you read my new article.
As you’re well aware every time you fill up your car at the pump, gas prices are skyrocketing.
Well, lawmakers also noticed that average gas prices across the country have topped $5.00 a gallon.
As a result, they took action. (Yes. Sometimes Congress does take action.)
Here’s what lawmakers decided.
Small businesses that qualify/use the standard mileage rate can now deduct 62.5 cents per business mile.
That’s up 4 cents a mile.
This deduction can be made from July 1 through December 31, 2022.
This raises an important practical question.
What should you do if you track your business mileage using the three-month sample method?
And how do you apply that mileage to the different rates?
Here’s just some of what I’ll explain in my new article.
- The sample-method solution to the new July 1 mileage rate
- Three-month sample basics
- The impact on what you pay when you have a mileage record for the entire year
- Medical and moving mileage-rate increases
- Understanding the charitable mileage rate
- And much more
Want to get all the information you need on this important subject? It’s easy…
CLICK HERE to get my complete article…
“How Will You Deal With
the New 62.5 Cents Mileage Rate?”