CHARLOTTE – Hey Tax Payer/Business Owner, gas prices have been a nightmare since people have returned back to the office since COVID force people to work from home. Supply and demand of gas is the driving force behind the sky-high gas price which is a big expense for businesses with fleet services to say the at least. Relief in the form a business mile is on the way.

So, Let’s Get To It…

In case you didn’t know business owner, you can claim business miles on your taxes as part of an expense to off-set your bottom line. During the 2021 tax year, business miles was set at .58 Cents Per Miles (CPM). That means for every business mile you had driven you can claim .58 CPM for each business mile. That can add up quickly to be a non-refundable credit to your company.

Here is the best part, this year has seen changes already from Congress to help mitigate this large Gas Price expense to business owners. Change from Congress has come in the form of an increase in the CPM from.58 CPM to 62.5 CPM’s starting July 1, 2022. Some experts are predicting the CPM is expected to go as high as 71 CPM for the 2023 tax season. That will spell out to be a very big plus to a company’s bottom line. Remember to keep a detailed log of your driving miles in case the IRS wants to challenge your reporting of high miles being claimed. Stay tuned for a business miles update…

For more information about this article then contact Mays Concepts, LLC at (704) 526-0307, email us at maysconcepts@gmail.com, or visit/like our Facebook page https://www.facebook.com/MaysCon

Remember, You Can Count On me!

*Source: https://www.driversnote.com/irs-mileage-guide/current-irs-mileage-rate