Standard Mileage Deduction Changes for Last Six Months of 2022
The Internal Revenue Service has announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.
For those of you that keep a mileage log, you need two totals to figure your taxes. One total business miles for the first six months of the year and one total business miles for the last six months of the year.