The Internal Revenue Service announced standard mileage rates for 2022 today for taxpayers to use in calculating the deductible costs of using a car for business
The rate for charitable miles driven has been fixed by Congress at 14 cents a mile since 1997, but the other rates are adjusted each year. The business rate adjustment takes into account all the costs associated with owning a car, including insurance and repairs, while the other adjustment primarily takes into effect oil and gas costs.
The standard rates are the simplest option for taxpayers to use. You multiply the miles driven by the rate.Another option is to claim deductions based on the actual costs of using a vehicle. In either case, you need to keep records to prove how far you drove and when and for what purpose.....
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