The extension deadline for the 2021 Tax Year is October 15, 2022.
Circle City Taxes, Inc. highly encourages you NOT to wait until last minute to bring in your information! Any tax information received after September 1, 2022, may not be completed by the extension deadline!
The IRS has announced an increase in the optional standard rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.
The IRS is adjusting the standard mileage rates to better reflect the increase in fuel prices. While fuel costs are a significant factor in the mileage figure, other items enter into the calculation of mileage rates, such as depreciation and insurance and other fixed and variable costs.
Circle City Taxes, Inc. is announcing this change to allow clients to mark their mileage accordingly. Any mileage recorded on or before June 30, 2022, for deductible business purposes, medical purposes, moving expenses (available for active-duty members of the military), or for charitable organizations will be calculated at the rates set forth in Notice 2022-03 (see chart below). Please make sure to distinguish what mileage is used between January 1, 2022 - June 30, 2022, and then July 1, 2022 - December 31, 2022.
1/1/2022 - 6/30/2022
Business: 58.5
Medical/Moving: 18
Charitable: 14
7/1/2022 - 12/31/2022
Business: 62.5
Medical/Moving: 22
Charitable: 14
