Redpath and Company
Bookkeeping Red Flags and What To Do About Them
Bookkeeping is strategically important for every business because financials form the foundation for daily operations and future planning....
June 10, 2022 - In recognition of recent gasoline price increases, the IRS has made a special mileage rate adjustment 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.
For more information and further updates, please refer to the IRS Mileage Increase news release.
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 |
Corporate Transparency Act Ruled Unconstitutional. But for Whom?
Melissa Doumbia, CPP: March 13, 2024
In a decision issued March 1, 2024, U.S. District Court Judge Liles Burke ruled that the Corporate Transparency Act (CTA) is unconstitutional....
The Benefits of a Grantor-Retained Income Trust
Redpath and Company: March 5, 2024
Several types of trusts can help you manage your assets in a way that supports your estate planning goals while providing potentially significant tax...