A little more help for those impacted by soaring inflation…
To reflect the increase in gasoline prices in 2022, the IRS announced an increase in the standard mileage rate starting July 1, 2022. For the period July 1, 2022 through December 31, 2022, the updated mileage rate is 62.5 cents per mile, an increase of 4 cents from the rate established January 1, 2022.
The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Questions? Please contact your Tronconi Segarra & Associates LLP advisor at 716.633.1373 (Williamsville office) or 716.438.2190 (Lockport office).