IRS Mileage Rate 2022/2023

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How Can You Handle Your Mileage?

Now that you understand more about the IRS mileage rehabilitation rate, it’s important that you set up some processes that can help you take care of it. Managing your mileage keeps your taxes under control and allows you to lower how much you owe so that you keep more of your money each year.

You’ll also be able to invest more when you’re able to handle your mileage and other aspects of your taxes. It all starts with understanding the IRS mileage rate and using this to your advantage.

These tips are worthwhile when you’re handling the process:

Stay Up-to-Date With the Current Rate

When you handled your 2022 taxes, perhaps your software let you know the mileage rate, or you might have found it out and then done your independent calculations. These rates change regularly and will require you to keep your ear to what’s going on with IRS laws and guidelines.

Compare the federal rate to any rate that your state charges as well. If your state has a higher rate, you will want to use it when you file your state taxes so that you can get the biggest rebate. Having the right information will allow you to handle your taxes accurately and in a way that is financially advantageous.

Maintain a Thorough Log

The best thing you can do to manage your taxes is by making sure that you keep a detailed log or journal. You can do this on a hard copy, use software, keep a spreadsheet, or any other method that works for you. The key is to make sure that your log is consistent and kept regularly.

By letting time get away without managing your logs, you are more likely to make mistakes, keep imprecise records, or lose out on miles that you otherwise would have been entitled to. If your logs are too inaccurate you might even deal with an audit, which becomes an issue if you can’t produce accurate records.

Keeping a neat and organized mileage log makes the rest of your taxes so much easier. Do your due diligence so that you develop…

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