2 min read
Higher mileage rate may mean larger tax deductions for business miles in 2019
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents,...
On Friday, December 17, 2021 the IRS announced that the rate taxpayers may use to compute deductions for automobile costs for business purposes will increase to 58.5 cents per mile for the 2022 tax year. This is an increase of 2.5 cents per mile from the 2021 rate. Taxpayers may use this business standard rate for their use of an automobile as an ordinary, and necessary business expense.
In addition, the mileage rate for use of an automobile for purposes of medical care will increase to 18 cents per mile, a two-cent increase from the 2021 rate.
For more information, please visit: https://www.journalofaccountancy.com/news/2021/dec/standard-mileage-rates-up-2022.html?utm_source=mnl:alerts&utm_medium=email&utm_campaign=17Dec2021
Important Changes to the Child Tax Credit
Marketing : 2/26/21 6:01 PM
Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted...
1 min read
Could “bunching” medical expenses into 2018 save you tax?
Marketing : 10/23/18 12:00 AM
Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for...