IRS Increases Mileage Deduction in Response to Inflation & High Gas Prices!

Описание: In response to inflation, the IRS just increased the mileage deduction for business travel.

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Now, the reason for these changes is due to the rapid inflation taxpayers are currently experiencing. The most recent inflation reports show inflation running at a 40-year high.

And gas prices, in particular, just reached $5 a gallon for the first time, which also means that gas-prices are at an all-time high.

So for taxpayers who engage in a lot of business travel, this is obviously going to negatively affect their pockets, their households, and potentially, how they conduct business.

In short, this means that you will get a greater tax deduction for the miles you drive for your business.

And if you stick around until the end of this video, you will find out how this deduction works, and more importantly, what type of impact this may have on you if you use this deduction.

If that sounds good to you, please go ahead and click the Like button below to help this video reach more taxpayers who may be able to use this to put more money back in their pockets.

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).