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IR-2022-124: IRS increases mileage rate $.04 for remainder of 2022 to $.62.5

joecpa@josephgrunklecpa.com (Joseph Runkle) — Fri, 10 Jun 2022 17:09:17 GMT

Issue Number: IR-2022-124

Inside This Issue

IRS increases mileage rate for remainder of 2022

WASHINGTON — The Internal Revenue Service today 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 the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022. These new rates become effective July 1, 2022. The IRS provided legal guidance on the new rates in Announcement 2022-13, issued today.

In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2022. The IRS normally updates the mileage rates once a year in the fall for the next calendar year. For travel from Jan. 1 through June 30, 2022, taxpayers should use the rates set forth in Notice 2022-03.

"The IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices," said IRS Commissioner Chuck Rettig. "We are aware a number of unusual factors have come into play involving fuel costs, and we are taking this special step to help taxpayers, businesses and others who use this rate.”

While fuel costs are a significant factor in the mileage figure, other items enter into the calculation of mileage rates, such as depreciation and insurance and other fixed and variable costs.

The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

The 14 cents per mile rate for charitable organizations remains unchanged as it is set by statute.

Midyear increases in the optional mileage rates are rare, the last time the IRS made such an increase was in 2011.

Mileage Rate Changes

Purpose

Rates 1/1 through 6/30/22 Rates 7/1 through 12/31/22

Business

58.5 62.5

Medical/Moving

18 22

Charitable

14 14

Make the most of the season by following these simple guidelines

websitebuilder@thryv.com — Fri, 10 Jun 2022 16:53:41 GMT

The new season is a great reason to make and keep resolutions. Whether it’s eating right or cleaning out the garage, here are some tips for making and keeping resolutions.

Make a list

Lists are great ways to stay on track. Write down some big things you want to accomplish and some smaller things, too.

Check the list regularly

Don’t forget to check in and see how you’re doing. Just because you don’t achieve the big goals right away doesn’t mean you’re not making progress.

Reward yourself

When you succeed in achieving a goal, be it a big one or a small one, make sure to pat yourself on the back.

Think positively

Positive thinking is a major factor in success. So instead of mulling over things that didn’t go quite right, remind yourself of things that did.

Keep in touch with site visitors and boost loyalty

websitebuilder@thryv.com — Fri, 10 Jun 2022 16:53:41 GMT

There are so many good reasons to communicate with site visitors. Tell them about sales and new products or update them with tips and information.

Here are some reasons to make blogging part of your regular routine.

Blogging is an easy way to engage with site visitors

Writing a blog post is easy once you get the hang of it. Posts don’t need to be long or complicated. Just write about what you know, and do your best to write well.

Show customers your personality

When you write a blog post, you can really let your personality shine through. This can be a great tool for showing your distinct personality.

Blogging is a terrific form of communication

Blogs are a great communication tool. They tend to be longer than social media posts, which gives you plenty of space for sharing insights, handy tips and more.

It’s a great way to support and boost SEO

Search engines like sites that regularly post fresh content, and a blog is a great way of doing this. With relevant metadata for every post so search engines can find your content.

Drive traffic to your site

Every time you add a new post, people who have subscribed to it will have a reason to come back to your site. If the post is a good read, they’ll share it with others, bringing even more traffic!

Blogging is free

Maintaining a blog on your site is absolutely free. You can hire bloggers if you like or assign regularly blogging tasks to everyone in your company.

A natural way to build your brand

A blog is a wonderful way to build your brand’s distinct voice. Write about issues that are related to your industry and your customers.

Tips for writing great posts that increase your site traffic

websitebuilder@thryv.com — Fri, 10 Jun 2022 16:53:39 GMT

Write about something you know. If you don’t know much about a specific topic that will interest your readers, invite an expert to write about it.

Speak to your audience

You know your audience better than anyone else, so keep them in mind as you write your blog posts. Write about things they care about. If you have a company Facebook page, look here to find topics to write about

Take a few moments to plan your post

Once you have a great idea for a post, write the first draft. Some people like to start with the title and then work on the paragraphs. Other people like to start with subtitles and go from there. Choose the method that works for you.

Don’t forget to add images

Be sure to include a few high-quality images in your blog. Images break up the text and make it more readable. They can also convey emotions or ideas that are hard to put into words.

Edit carefully before posting

Once you’re happy with the text, put it aside for a day or two, and then re-read it. You’ll probably find a few things you want to add, and a couple more that you want to remove. Have a friend or colleague look it over to make sure there are no mistakes. When your post is error-free, set it up in your blog and publish.