IRS ups mileage rates

Are you aware of the recent increases in the mileage rate from the IRS? If not let us fill you in on the update, the IRS recently announced an increase of the optional standard mileage rate for the remainder of 2022. Here is a quick rundown of the increases. The standard mileage rate for business travel is 62.5 cents per mile, and the deductible medical or moving expenses are 22 cents. The IRS has also adjusted the rates to reflect the recent increase in fuel prices to better help taxpayers, business owners, and others who use this rate. This information will help business owners from losing out on deductions by using the new rates when keeping record of their auto deductions. If you need help on how to fill out your mileage log and maximize your auto deductions make sure to check this out https://www.youtube.com/watch?v=1VDBx3GRWj0. If you have any further questions or comments feel free to reach out and we will be glad to help! #IRS #business #help #accounting #economy #rates #businessmiles