IRS Finally Boosts Mileage Deduction for Rest of 2022 (Standard Mileage Deduction)

[@MoneyandLifeTV]

This is probably the shortest video I have ever produced. I was unable to make longer format content this week due to the workload of accounting practice. Nonetheless, hope you enjoy the quick update :)

[@bhupinderkaur2498]

Your videos always keep us updated! Thanks Mike

[@MoneyandLifeTV]

Hi bhupinder, thank you! Hope you are doing great.

[@slimdawgwoof]

Keep grinding!!! All the best to you with your business.

[@MoneyandLifeTV]

Thank you Slim Dawg! That really means a lot brother :) Business has been way busier than I ever expected. Good problem to have. It was easier for me to create KZbin Content when I was a full-time employee.

[@1DansBlues]

Geez even the IRS doesn’t expect lower gas prices anytime soon. Seems like the standard rate should be higher than that. Gas prices have doubled and with inflation to boot. We get a few pennies increase.

[@MoneyandLifeTV]

I think it needs to be closer to a $1 at this point

[@mariachaires8063]

It's not much but once you add all your Miles driven it does accumulate... thank you mike!

[@MoneyandLifeTV]

Yes it does! You are welcome Maria :) Thank you for watching.

[@uncrunch398]

How can someone's driving expenses exceed the standard deduction? By driving a semi truck or drag racer for many short trips per day? Some component(s) have a high failure rate?

[@ochicoloto3524]

if you use standard mileage deduction and have a business loss, can you passthrough the loss to offset your w2 taxes?

[@MoneyandLifeTV]

Good question. It depends but yes you can

[@uncrunch398]

Can I deduct miles on an eBike? Sorry if already answered. I couldn't wait for the video.