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Rossen Reports: IRS increasing mileage deduction to fight gas prices
Jeff Rossen
Rossen Reports: IRS increasing mileage deduction to fight gas prices
Hey, welcome to Rawson in 60. Gas prices are rising again. What else is new? But now the IRS wants to help you out for *** change. We've got the new mileage deduction. If you use your car for work, all I need is 60 seconds or less to tell you about it, 60 seconds to make extra cash. No brainer. Let's start the clock. Business owners, gig workers. Anyone who does business primarily using your car, this is for you. The amount of money you can deduct for mileage is going up from july 31st of this year to december 31st. You can write off 62.5 cents for every mile you drive for business travel. Right now, the write off Is 58.5 cents per mile. So it's going up. This is big too. The last time the I. R. S. Increased this rate in the middle of the year, like this was 2011 doesn't happen often. So make sure you're tracking your miles when you drive for work and maximizing your write offs. That's free money from the government. That's all for today. Back to you.
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Rossen Reports: IRS increasing mileage deduction to fight gas prices
Jeff Rossen
Gas prices are rising again 鈥� but now, the IRS wants to help you out.The optional standard mileage rate is being increased. Right now, the write-off is 58.5 cents per mile. The IRS is increasing this to 62.5 cents for every mile you drive for business travel. The change goes into effect from July 1 to Dec. 31 of this year. This is for business owners, gig workers and anyone who does business primarily using their car. This doesn't apply to your daily commute to work. The last time the IRS increased this rate in the middle of the year was 2011. The Standard Mileage method doesn't require you to track individual purchases and save receipts. Instead, you simply keep track of your mileage for the tax year. So make sure you're keeping track of your miles during your business hours to maximize your tax write-off. Want to learn more? Click here to read up on the news from the IRS.

Gas prices are rising again 鈥� but now, the IRS wants to help you out.

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The optional standard mileage rate is being increased. Right now, the write-off is 58.5 cents per mile. The IRS is increasing this to 62.5 cents for every mile you drive for business travel. The change goes into effect from July 1 to Dec. 31 of this year.

This is for business owners, gig workers and anyone who does business primarily using their car. This doesn't apply to your daily commute to work. The last time the IRS increased this rate in the middle of the year was 2011.

The Standard Mileage method doesn't require you to track individual purchases and save receipts. Instead, you simply keep track of your mileage for the tax year. So make sure you're keeping track of your miles during your business hours to maximize your tax write-off.

Want to learn more? to read up on the news from the IRS.