With gas prices on the rise, the IRS has announced an increase in standard mileage rates effective July 1st. For business miles, the rate is increasing from 50.5 cents per mile to 58.5 cents per mile.
Who is impacted by this increase?
- If you reimburse your employees or are an employee that gets reimbursed for mileage, be sure the rate is the increased rate as of July 1st (assuming your employer uses the same rate).
- The increase also applies to MBT Fumbamedical and moving miles, which are increasing from 19 cents per mile to 27 cents per mile.
- If you use the standard mileage rate to deduct your business vehicle expense, this means an increase in the amount you can deduct.
**TIP** In your mileage log, be sure you can total your mileage before July 1st and after July 1st so your mileage after July 1st gets the new increased rate.
How Your Home Office Can Help You Deduct Even More Business Miles:
With the increase in gas prices, I have found that several of my most recent conversations with clients have MBT Kisumu Sandals,been focused on the home office. With the rise in gas prices, more and more people are telecommuting, which means more and more home offices.
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