by Hare CPAs Tax Team | Jan 11, 2023 | Blog, Business, Tax, Uncategorized
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. The IRS recently announced that the 2023 cents-per-mile...
by Ryan Burke, CPA, MSF | Jun 22, 2022 | Tax
Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices...
by Brian Hare, CPA, CGMA | Jan 5, 2022 | Tax
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business...
by Ryan Burke, CPA, MSF | Oct 7, 2021 | Tax
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result...
by Paula Kennedy, EA | Feb 3, 2021 | Tax
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile for business miles. As a result, you might claim a lower deduction for...
