Is driving a big part of your business? Good news: IRS increases tax-deductible mileage rate. Here's how much you can deduct.

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 97%

United States Headlines News

United States Latest News,United States Headlines

The annual increase comes after a rare mid-year increase last year.

The Internal Revenue Service is making deductibles for work-related driving costs a little more generous for 2023.

For 2023, the rate is climbing three cents to 65.5 cents per mile, the... The Internal Revenue Service is making deductibles for work-related driving costs a little more generous for 2023. Gas prices, on average, are back at less painful prices. Wednesday’s national average was $3.26, versus $3.28 one year earlier, AAA data showed. But rising inflation is still pinching many wallets.

Even for eligible taxpayers, the rules only apply to work-related trips from the office during work hours to, for example, visit a client, the company noted. The rules do not apply to the initial trips to/from the office.

Source: News Formal (newsformal.com)

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

What type of business are these two driving for?

Road-trip _CLINTWESTWOOD_ !

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Republicans should just say no to 87,000 new IRS agentsToo many Republicans agreed to a $1.7 trillion omnibus spending deal including full funding for the IRS expansion. '87,000 NEW IRS AGENTS' IS A LIE. Er, that would be a NO. GOP wants crappy IRS so they can get away without paying their share. See Trump, Donald. Especially orgs that pretend they are charities because they do one day of charity a year. Like Tea Party types. And of course, billionaires with unlimited lawyers. No they shouldn't but they will because they are scared.
Source: FoxNews - 🏆 9. / 87 Read more »

New tax brackets and other IRS changes can boost paychecks, lower taxesNew tax brackets and standard deductions are now in effect, potentially boosting paychecks and lowering income tax for many Americans, who enter the new year still reeling from sky-high prices. Joe Biden did this. Thank you Mr. President I’ll say it out loud, even if media clowns will not. Still a millionaires and billionaires pays 37%. Get all the tax write offs. A person making 100,000 pays 24%? Hum Taxation is legalised theft!
Source: axios - 🏆 302. / 63 Read more »

Livermore worms have good reason for coming out in the rainA Livermore resident wonders why earthworms come crowding to the surface during rainstorms.
Source: mercnews - 🏆 88. / 68 Read more »

Rep. Bob Good Teases Rival to Kevin McCarthy for House Speaker“You’ll see that name tomorrow on the second ballot,” Rep. Bob Good said. Jim Jordan ofc This is so ridiculous, But also predictable of feckless Republicans.. Please let it be Trump!!!!
Source: thedailybeast - 🏆 307. / 63 Read more »

The pandemic taught some schools that their literacy programs weren't good enoughThe pandemic was a disaster for children, with state and local governments setting their education back permanently with unscientific lockdowns. But there is one silver lining: Schools have begun fixing their literacy programs, and they are starting to see results. Alternative: Pandemic showed that too many American children suffer from poor parenting and come to school with inferior literacy preparation.
Source: dcexaminer - 🏆 6. / 94 Read more »