IRS Raises Mileage Deduction 3 Times In 13 Months As Gas Prices Jump
View Source | February 1, 2023 7:22 am
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- How bad were gas prices under Biden in 2022? For the first time since 2011, the IRS has issued a ruling that there will be not one but two mileage deduction rates for your 2022 tax returns.
- From January to June, the deduction is 58.5 cents a mile. From July to December, you can deduct 62.5 cents per mile for business-related trips. And for 2023, the rate will go up to 65.5 cents.
- The deduction applies to gas and electric vehicles and represents three mileage-related increases in 13 months. The Biden administration’s war on oil is taking its toll.
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