• Jeremy Springer

Tax Credits, Deductions, & Opportunities for Business - 2022 Edition

Updated: Jun 23


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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