With inflation at high historic levels and the cost of gas and other consumer goods continuing to rise, the Internal Revenue Service has taken action to help ease the burden on taxpayers.

Starting July 1, 2022, taxpayers will be allowed a deduction of 62.5¢ per mile, up from 58.5¢ per mile for business use. Mileage deductions available for medical purposes have also been increased to 22¢ per mile. Lastly, for active members of military, the allowable deduction has been increased to 22¢ per mile. Miles driven for volunteer work remains unchanged at 14¢ per mile. 

Take full advantage of these increases by maintaining strong records of your deductible mileage. Specifically, make sure to keep records of mileage driven from January 1, 2022 to June 30, 2022, and from July 1, 2022 to December 31, 2022.

These mileage records should be kept for three years after the filing of the tax return and should include the following:
·        The number of miles traveled for each business-related trip.

·        The date and times of each trip.

·        The destination of each trip.

·        The business reason for each trip.

At AZLA, your success is our business. We dedicate ourselves to your needs.

Our full-service accounting firm is large enough to provide first-class professional service,

but small enough to spend the necessary time to understand

our clients’ needs and provide personalized, individual service.