Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business purposes for 2023. However, the standard mileage rates for medical and moving expense purposes remain the same for 2023. The standard mileage rate for computing the deductible costs of operating an automobile for charitable purposes is set by statute and also remains unchanged.
IRS Releases Standard Mileage Rates for 2023
Mar 14, 2023 10:30:00 AM
written by
The Retirement Group
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posted in Financial Planning, Mileage, IRS, 2023
2023 Federal Tax Filing Season Has Started
Feb 1, 2023 10:15:00 AM
written by
The Retirement Group
The IRS announced that the starting date for when it would accept and process 2022 tax-year returns was Monday, January 23, 2023.
Tips for making filing easier
To speed refunds and help with tax filing, the IRS suggests the following:
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posted in Financial Planning, Mileage, IRS, Tax Season
Fortune 500 Employees: Is the U.S. Economy in a Recession?
Aug 12, 2022 11:18:40 AM
written by
The Retirement Group
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.
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posted in Financial Planning, Gas, Mileage, IRS
IRS Increases Standard Mileage Rates for Last Half of 2022
Aug 12, 2022 11:06:26 AM
written by
The Retirement Group
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