The IRS Is Increasing the Mileage Rate for the Rest of 2022 to Combat High Gas Prices

[Yo_Mama_Been_Loggin]

If you qualify for mileage deductions, the Internal Revenue Service has an update that could help you trim your 2022 tax bill. Due to high gas prices, the IRS has announced a mid-tax year adjustment to the standard mileage rate.

This will impact self-employed drivers who use their cars for business purposes and military members who use their cars for moving and medical purposes. The rates will increase beginning on July 1, 2022 and will be in place for the rest of the 2022 tax year.

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If you're self-employed and use your car for business travel, you can get a tax deduction for the business use of your vehicle. Many taxpayers choose to use the standard mileage rate because it's more straightforward.

At the end of 2021, the IRS announced temporary changes to the standard mileage rate for the 2022 tax year. For self-employed drivers using their car for business needs, the standard rate was adjusted from $0.56 per mile to $0.585 cents to account for inflation.

https://www.msn.com/en-us/money/taxes/the-irs-is-increasing-the-mileage-rate-for-the-rest-of-2022-to-combat-high-gas-prices/ar-AAYpFc5

[Ron Green]

1. We will do anything to preserve the bubble we've made

that keeps automobile use (vehicle miles traveled) central to human activity on earth.

[Calculating]

2. Everybody can't just live within biking distance of work

Also riding a bike can be dangerous. Cars are a necessity and will be for a long time.