IRS Increases Mileage Rate to 62.5 Cents Per Mile for Remainder of 2022
Well, there is good news and bad news here.
Good news is that the milage rate has increased for 2022.
Bad news… it only is effective for the last 6 months.
So, from Jan 1, 2022 through Jun 30, 2022 the business milage rate is 58.5 cents per mile.
Effective Jul 1, 2022 through Dec 31, 2022 the business milage rate will increase to 62.5 cents per mile.
The last time the IRS did a mid-year increase to the mileage rate was 2011!
The key takeaway here is that you have an opportunity to OPTIMIZE your taxes!
If you are not tracking business miles you really should be.
We at Tax Reduction University (TRU) highly recommend an app for that.
And we really feel that the best app for the job is https://mileiq.com/
Apps that do ONE thing and do it really well are what we like. Apps that try to do to many things and don’t nail them result in less effective outcomes.
And there is a specific Tax Strategy Module inside of TRU (Tax Reduction University) that you can check out here…
The government has a system for taking your business profits… it’s the tax system and it’s ruthlessly effective and highly complex.
This leaves business owners struggling to know what to do.
Well, those days are over. Fight the IRS with a system that is proven to reduce your tax burden significantly.
Source:
https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022
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The TRU Method Of Choosing A Financial Advisor
Financial Planning Ties In With Tax Planning To Achieve Tax Savings Now And In The Future.
Here Are Some Key Questions And Considerations When Choosing A Financial Advisor:
- Understand What Licenses The Advisor Holds And What Those Licenses Enable Them To Do For You
- Some Solutions Require Certain Education And Legal Licensing. Knowing If The Advisor Has Limitations On What They Can Provide Is Vital.
- Understand If The Advisor Is A Fiduciary
- In Essence A Fiduciary Must Place Your Needs And Interests Ahead Of Their Own And Act In Your Best Interest.
- Understand The Role The Advisor Will Play In Your Financial And Tax Planning
- How Often Will They Meet With You And What Is The Purpose And Agenda Of Those Meetings?
- Understand How, When, And By Whom The Advisor Gets Paid For Their Time, Energy, And Effort
- We All Have A Right To Earn A Living And We All Have A Right To Have Transparency Around What We Pay For Services.
- Understand If The Financial Advisor Is Captive To Their Firm Or Broker Dealer
- Is The Advisor Only Able To Provide Solutions Provided By Their Firm (Captive) Or Are They Able To Meet Your Needs With Tools From A Variety Of Sources (Independent)?
TRU Recommends Working With A Certified Financial Planner (CFP).
These Are Professionals Who Should Value Comprehensive Planning And Be Able To Integrate Tax Planning As Part Of The Value That They Provide.
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