The IRS has increased the Standard Mileage Rates.
For January 1 through June 30 of this year, the rate is set at 58.5 cents per mile. The rate will then rise to 62.5 cents per mile for the period from July 1 through December 31. Note that the standard rate of 14 cents per mile for eligible charitable activities will not change.
This means keeping accurate mileage records is important as you’ll have to calculate a split year.
@RiverpointeTax Thank You for sharing this update.
Previously, (3 days ago) @LindaH-FL created a new thread on this item including url reference to the Regulation:
Too little, too late. This should have been retroactive to January 1, so those of us who’ve been put out of business by the current administration could at least re-coup some of what we were ripped off for in the first half of the year.
I agree with you. Tax Professionals, through our professional associations, have been after the Administration to raise mileage rates and make them retroactive.
Small business owners–the very backbone of this country–mean nothing to Washington except as people to be fleeced. I’m not completely out of business, but with maybe a half dozen closings a month now, I might as well be. My notary commission doesn’t expire until 2/24, but I will not be renewing my background checks or CSA designation when they come due at the end of this year. No point.
While filing will it auto adjust? For instance I use notary gadget and always keep track of mileage this way but it gives a total on the P-L report so if I’m using HR Block will it just know the difference and change last year?
Jody
@Sjkad55 Hmmm . . . the optimum answer would be to perform the calculations both automatically & manually in order to determine how it is calculated and if it differentiates by date.
