Due to increases in the price of fuel, the IRS standard mileage rate used to deduct the cost of business driving goes up to 62.5¢ per mile from July 1 through December 31, 2022 (up from 58.5¢ per mile from January 1 through June 30, 2022). The rate for driving for medical or moving purposes (limited to certain military personnel) increases to 22¢ per mile. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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ICYMI: What's in the "One Big, Beautiful Bill" for Small Business? Barbara Weltman @BigIdeas4SB digs into the House-passed bill and reviews key tax-related provisions. The Senate is now acting on the bill, which will likely include some changes. More: