In an early July poll, 58% of Americans said they thought the U.S. economy was in a recession, up from 53% in June and 48% in May.
1 Yet many economic indicators, notably employment, remain strong. The current situation is unusual, and there is little consensus among economists as to whether a recession has begun or may be coming soon.
2
Fortune 500 employees, it is imperative to keep track of current events that may affect your workplace.
Considering the high level of public concern, it may be helpful for Fortune 500 employees and retirees to look at how a recession is officially determined and some current indicators that suggest strength or weakness in the U.S. economy.
Due to recent increases in the price of petroleum, the Internal Revenue Service has increased the optional standard mileage rates for calculating the deductible costs of operating an automobile for business, medical, and relocating purposes for the second half of 2022. Statutorily established and unaltered, the standard mileage rate used to calculate the deductible costs of operating a vehicle for charitable purposes.
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posted in Financial Planning, Gas, Mileage, IRS
