The optional standard rate for deductible costs for operating an automobile for business will increase to 65.5 cents per mile in 2023, a 3-cent increase from the current rate, according to the IRS. The new rates begin Jan. 1 and apply to electric and hybrid-electric vehicles, gasoline, and diesel-powered vehicles, according to an IRS news…
IRS Increases Deductible Costs for Mileage by 3 Cents per Mile in 2023
Business Mileage Demystified: How To Save Money While Not Increasing Audited Chances
When it comes to business tax deductions, one of the most overlooked helps are your auto and transportation fees. This may be because business owners are either unaware of this benefit or just don’t believe that it’s worth the hassle. The thing is, business mileage deductions aren’t that complicated. And, when done correctly, your could even end…
A Simple Tip to Get Better Gas Mileage
Some time ago, I wrote about simple things you can do to get better gas mileage, which means less time and money spent at the gas pump. One of those tips was to make sure your car’s tires are always properly inflated because underinflated tires cause the engine to work harder than necessary, which wastes…
In Unusual Mid-Year Move, IRS Raises Standard Mileage Deduction
The Internal Revenue Service (IRS) made an unusual announcement on June 9, raising the optional standard mileage rate for the final six months of 2022. The move comes as sky-high gas prices continue across the country. The IRS hasn’t changed the mileage rate mid-year since 2011. Typically such increases are enacted in the fall, for…
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