Yes, the standard business mileage rate will go up in 2022

After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will […]

Standard business mileage rate decreases again for 2021

The optional standard mileage rate used to calculate the deductible costs of operating an automobile for business has decreased in 2021 by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses for 2021 than you could for 2020 or 2019. This is the second year […]

Drive and save with a tax deduction

How much of your day is spent driving from place to place for business? If you use your automobile more than half of the time for business purposes, you may be able to take a tax savings. Determining whether or not the use of one’s automobile qualifies for a tax deduction – and by how […]