While yesterday was the official federal holiday for New Year’s Day, with most federal offices and banks closed, today starts 2022. If you’re a self-employed person who uses a personal vehicle for business driving, be sure to note your odometer reading today in your app, expense log, or other method used for tracking business mileage. This enables you to have the information needed to figure the deduction using the IRS standard mileage rate of 58.5¢ per mile in 2022. Find more information about deducting the cost of business driving in IRS Publication 463. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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