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As we are near the half-way point of 2022, here are some tax credits, deductions, and other opportunities to help make your business even better!
Mid-Year Mileage Rate Increase
The IRS has issued Announcement 2022-13 to make the new mileage rates official, and they included the legalese for the latest rates. Here are the main points:
The standard mileage rate for business travel will be 62.5 cents per mile
The new rates take effect on July 1, 2022
Other rates for volunteer and medical mileage were also updated and clarified
Employers will want to watch mileage reimbursement claims as the rate for January to June will be 58.5 cents, while July to December will be the new 62.5 cents.
Sources: Announcement 2022-13; IRS News Release
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Legal Disclaimer: This post contains general information for taxpayers and should not be relied upon as the only source of authority. Taxpayers should seek professional tax advice for more information. This information was current at time of posting; we are not responsible for updating this or any blog post/article for subsequent changes in the law or its interpretation.