- December 18, 2021
- Posted by: Stratford Team
- Category: Business
In a time of rising prices, the Internal Revenue Service is being a bit more generous with the formula businesses and eligible taxpayers can use when they tally the tax deductions for their work-related miles on the road.
On Friday, the IRS released the standard mileage rate for business-related driving in 2022. The rate will be 58.5 cents per mile for business use. That’s a 2.5-cent climb from the 56-cent rate this year. It was a 57.5-cent rate the year before that, and a 58-cent rate before that.
“That’s not a bad hike,” said Barbara Weltman, author of “J.K. Lasser’s Small Business Taxes 2022: Your Complete Guide to a Better Bottom Line.”
The IRS recalculates it mileage rates every year. This one is coming at a time of high inflation and increased work-related travel, which makes every tax break count all the more. For the people who can use it — including gig workers and other self-employed…
