Yeah, there are major changes happening to the IRS mileage rate since gas prices were surging so high. Last year, the IRS made kind of an extraordinary change. They rarely changed the rules in the middle of the year, but they did increasing the amount. You can deduct the rate from January 1st to June 30. So half the year was at 58 *** half cents *** mile. But then for the last six months of the year, the IRS actually increased it by Four cents. So from July 1st to the end of 2022 the rate rose to 62.5 cents per mile. There was also *** change recently on who can take the mileage deduction. It's really for small business owners or if you're self employed, like an independent contractor or *** ride share driver, employees of *** company are not eligible. That means if you're *** W-2 employee, *** staff member, you're not eligible even if your job did not reimburse you. the mileage you drove for those of you who can file. Here's what you got to do. You got to fill out *** schedule C form on there, you have to say how many miles you drove during the year, answer some questions about your vehicle. And by the way, these rates apply to electric and hybrid automobiles too, not just gas vehicles, I'm going to put all of this because I gave you *** lot of numbers and information. Plus we have some more information. We have it all nice and easy to read on Rosson reports dot com. Hope it helps back to you.
Rossen Reports: See if you can claim miles on your IRS tax form
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Updated: 1:41 PM CST Mar 10, 2023
You've only got a month or so left to file your taxes. Are you looking to squeeze every cent out of your refund? Some of us can get a deduction that a lot don鈥檛 know about.Since gas prices were surging so high last year, the IRS made an out-of-the-ordinary mileage rate change in the middle of the year 鈥� increasing the amount you can deduct. The rate from Jan 1 to June 30 was at 58.5 cents per mile. But for the last six months of the year, the IRS increased it by 4 cents. From July 1 to the end of 2022, the rate rose to 62.5 cents per mile.Who can take this deduction? It's generally for small business owners or those who are self-employed, like independent contractors or rideshare drivers. You'll have to file a Schedule C form. On there, you'll have to say how many miles you drove during the year and answer some questions about your vehicle. These rates apply to electric and hybrid automobiles too, not just gas. If you are an employee of a company, it's more complicated and you may not be eligible for the deduction.For the 2023 tax year, the mileage rate is going up another 3 cents to 65.5 cents per mile.Click here to read more about the mileage rate from the IRS.
You've only got a month or so left to file your taxes. Are you looking to squeeze every cent out of your refund? Some of us can get a deduction that a lot don鈥檛 know about.
Since gas prices were surging so high last year, the IRS made an out-of-the-ordinary mileage rate change in the middle of the year 鈥� increasing the amount you can deduct. The rate from Jan 1 to June 30 was at 58.5 cents per mile. But for the last six months of the year, the IRS increased it by 4 cents. From July 1 to the end of 2022, the rate rose to 62.5 cents per mile.
Who can take this deduction? It's generally for small business owners or those who are self-employed, like independent contractors or rideshare drivers. You'll have to file a Schedule C form.
On there, you'll have to say how many miles you drove during the year and answer some questions about your vehicle. These rates apply to electric and hybrid automobiles too, not just gas. If you are an employee of a company, it's more complicated and you may not be eligible for the deduction.
For the 2023 tax year, the mileage rate is going up another 3 cents to 65.5 cents per mile.
to read more about the mileage rate from the IRS.
