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Video instructions and help with filling out and completing How Form 2220 Mileage

Instructions and Help about How Form 2220 Mileage

Get ready for advisor Feist 2-minute tip starting in 3 2 1 it's another year well I can't believe it it's 2022 and the IRS has Instagram that's right the IRS takes to Instagram with piggy bank photos and saving tips that's right highlight of my life highlight of my career finally an Instagram account that generates the right content reflecting viewer demand um I couldn't be more excited for the IRS thank you guys for subscribing to my channel I've been getting a lot of feedback and I love it it's absolutely great for me to create this kind of content for you guys to absolutely enjoy it you know what we're doing this year because it's a brand new year we're going to release a daily video for the next 2 or 3 weeks that's gonna speak to all the latest and greatest for 2022 that's gonna affect you as a business owner or as a tax payer so that way you can stay up-to-date with what's going on I don't want any surprises for the people who watch my videos that's right I don't want you to be surprised so we're going to dive in to all the latest announcements that the wonderful Instagram accounts of the IRS that way you have the latest and greatest information at your disposal for you to make all the right choices don't let tax season Swift you and pull you off into the distance without you being up to date so without further ado let's dive in in today's 2-minute tax tips we only have two minutes so let's dive right in okay so here's the basics the IRS recently issued the 2022 optional standard mileage rates used to calculate the deductible cost of operating your own personal vehicle for either business purposes charitable purposes medical and movie now what is the update what are those rates will number one fifty eight cents per mile driven for business this is up a whopping three and a half cents per mile compared to 2022 number two 20 cents per mile driven before medical or moving purposes this is up 2 cents per mile compared to 2022 and last but not least 14 cents per mile driven in service of charitable organizations this has remained unchanged in 2022 compared to 2022 now let's talk about moving purposes only because underneath Trump's tax reform tax payers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses also you cannot claim a deduction for moving expenses in general unless you are a member of the Armed Forces on active duty and you received an order that you're required to move as part of your active duty other than that you can't claim travel expenses on your personal tax return now obviously taxpayers have the option of calculating the actual cost of using their own personal vehicle rather than using the standard mileage rate which is up to you so it's entirely up to you if you want to go the actual method versus the standard mileage route now since we have time I want to give a shout out to an app that I would recommend in helping you trying to keep track of all your mileage whether it's for business for medical or for moving purposes it's called my like you basically stress-free logging accurate mileage reports all in the palm of your hand it's an app that you can download on your phone pretty incredible when you're using it pretty much helps you automate the tracking of your mileage it helps you classify your drives with ease it also generates a lot of the accurate reporting that you would need during tax time in order for you to properly take the deductions that you need to grab as a business owner or as a tax payer that's just trying to log mileage for personal reasons ok that's it thank you guys for watching hopefully that answered all your questions that is the two nineteen update from the IRS on mileage so over the next couple weeks we're going to be releasing videos for you to get you all caught up on 2022 and all the tax law changes that are coming into effect that are going to personally affect you for 2022 going forward so thank you once again happy New Year to all of you guys it's going to be an amazing 2022 we hope to be there for you as we support you in your business ventures don't forget to subscribe and we'll see you at the next video thank you for watching be sure to follow us for more quizzes and tax reform information hit the button below to follow the video aren't you touching your thank you and see you at the next video.

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