Exciting News If You Drive A Lot For Your Business!

If you run a business and you drive a lot, this will be exciting news for you! On Friday, after decreasing two years in a row, IRS announced that the rate by which taxpayers may compute their deductions for costs of using an automobile for business purposes will go up to 58.5 cents per mile for the 2022 tax year, an increase of 2.5 cents per mile over the 2021 rate. Under the current tax law, taxpayers may use the business standard mileage rate for their use of an automobile as an ordinary and necessary business expense. Or they may claim actual allowable expense amounts if they substantiate the expenses, including by maintaining adequate records or other sufficient evidence. With this increase, business owners should consider the benefits of using the mileage method vs actual. If you need help making the right moves to increase tax savings, please do not hesitate to call us at (832) 295-3353. You can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php. Last but not least, please like and share our daily posts! #business #businessowners #mileage #taxes

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https://www.journalofaccountancy.com/news/2021/dec/standard-mileage-rates-up-2022.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=20Dec2021