New Mileage Rate...With a Twist
The IRS recently announced that, beginning July 1st, the mileage rates for business travel, as well as deductible medical/moving travel has increased 4 cents to $0.625 and $0.22 per mile respectively. (Charitable miles remains the same at $0.14 per mile) The "twist" to this is the mileage recorded for the first 6 months of the year will be $0.585 ($0.18 medical/moving) per mile, and the second 6 months will be $0.625 ($0.22 medical/moving) per mile.Make certain you are dating your mileage log, and updating your mileage tracking apps, to reduce the confusion and headache at the end of the year!
