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IRS mileage rate increase

June 11, 2022 03:01PM
Sorry if this is a duplicate but I couldn’t find another post about it.

Effective July 1st - 62.5

[www.irs.gov]
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More About Mystery Shopping Taxes
June 11, 2022 03:27PM
I forecast a mid-year increase. I haven't seen the new rate posted before. To be clear, this is the rate effective for miles driven on July 1st and later. It is NOT retroactive.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008
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June 11, 2022 03:31PM
For those who have not dealt with mid-year IRS mileage rate changes before, you will need to record your odometer reading at the end of the day on June 30th so that you can calculate the miles driven before and after July 1st when completing your tax year 2022 income tax return.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008
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June 11, 2022 05:47PM
I wish they would increase the exemption from Social Security and Medicare tax from $600 to over $2000.
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June 11, 2022 06:01PM
What $600 exemption are you referring to? Still have to report income even if you did not receive a tax form from the MSC (1099-MISC/1099-NEC)

Edited 1 time(s). Last edit at 06/11/2022 06:02PM by boridi.
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June 11, 2022 06:06PM
$600 and over you get the Self Employment tax. (Social Security and Medicare)
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June 12, 2022 02:11AM
Wow - thank you! I have been using a 58.5 cents "rule" of my own to determine whether to take a shop. I figure up how much I will net after mileage is taken off the gross pay - because I'm really not making anything if I only make mileage (I'm just recouping gas, oil, wear and tear). If the amount after mileage is not a decent amount, I will not take a shop. I hope others will do this - the mileage amount is tax deductible, so we get a bit of a break in April - but if we take shops for less than round trip mileage, we are not earning money. Companies do not want to pay even the current mileage amount plus a modest fee - I may be completely retired come July 1st! grinning smiley


@grille wrote:

Sorry if this is a duplicate but I couldn’t find another post about it.

Effective July 1st - 62.5

[www.irs.gov]
Reply
June 15, 2022 05:44PM
Not enough.
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July 01, 2022 07:01PM
Remember - the IRS standard mileage rate increased at 12:01 AM today (July 1, 2022) to $0.625 per mile. BE SURE TO RECORD YOUR ODOMETER READING TODAY. I am sure that you will need that number when completing Schedule C for TY 2022.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008
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