Lash & Company CPAs, Inc.

01/04/2023

The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 65.5 cents per mile driven, up 3 cents from a rare midyear increase in 2022. The increased rate was effective as of Jan. 1, 2023 (Notice 2023-03).

The notice sets the 2023 standard mileage rates at 22 cents per mile driven for medical or moving purposes for qualified active-duty members of the armed forces This is the same as the higher midyear rate for the second half of 2022.

The rate per mile driven in service of charitable organizations is 14 cents, which is set by statute and unchanged from 2022.

12/21/2021

2022 Mileage rates have been announced. After decreasing two years in a row, the rate by which taxpayers may compute their deductions for costs of using an automobile for business purposes will go up to 58.5 cents per mile for the 2022 tax year, an increase of 2.5 cents per mile over the 2021 rate.

Notice 2022-03, in which the IRS announced the update on Friday, also provides the standard mileage rate for use of an automobile for purposes of obtaining medical care under Sec. 213, which will be 18 cents per mile, up 2 cents from 2021. The rate for providing services to a charitable organization remains the same, set by statute at 14 cents per mile (Sec. 170(i)).

The same rate as for medical care, 18 cents per mile, also applies to the deduction for moving and storage expenses under Sec. 217(g) by members of the armed forces on active duty who move pursuant to a military order and incident to a permanent change of station.

01/07/2020

Need information on the 2020 mileage reimbursement amounts? Check out my blog below!

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01/14/2019

2019 mileage rates have been released. See below:

http://www.lashcpa.com/2019-standard-business-mileage-rates

12/15/2017

The optional standard mileage rates for business use of a vehicle will increase slightly in 2018. For business use of a car, van, pickup truck, or panel truck, the rate for 2018 will be 54.5 cents per mile, up from 53.5 cents per mile in 2017. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.

Driving for medical or moving purposes may be deducted at 18 cents per mile, which is one cent higher than for 2017. (The medical and moving expense deductions may be affected by the pending tax reform legislation.)

The rate for service to a charitable organization is unchanged, set by statute at 14 cents per mile.

04/04/2017

We are getting close to the tax deadline already, but don't worry if your not ready to file. You can always extend your tax returns if needed. Just remember an extension is for time not an extension to pay your tax due. Penalties and interest will be charged on any tax due, but you can pay in the tax with your extension.

03/16/2017

Recent News Update - IRS has announced that the March 15 extension deadline will be extended until March 20th for areas affected by Storm Stella and "Winter Storm Stella" should be written on the form being mailed in.

02/14/2017

Tax season is here. While it may be the last thing you want to think about, mistakes you make now could impact you negatively in the future. A few common mistakes I see a lot are the following:

1. Mixing Business and Pleasure.
Don't co-mingle your personal and business funds. It’s important to keep them as two completely separate entities. The IRS frowns upon co-mingling and a audit normally finds adjustments to their favor.

2. Not Keeping Good Records.
If you’re not keeping thorough records, you’re either missing expenses or you’re guessing. If you were to be audited, you have nothing to prove your numbers to them.

4. Not Claiming a Home Office Deduction (or Claiming Too Much).
More than 50 percent of businesses in the U.S. are run from home, and if you meet the requirements for a home office deduction, it means you can deduct a portion of home expenses, including mortgage interest, rent, insurance, utilities, and repairs.

5. Failing to Keep Track of Mileage.
Business driving is basically any driving you do for business reasons, except commuting. That’s great news for anyone who has to travel a lot, but I see most people keep track of their gas and repairs, but not their mileage. Mileage is the better way because it can add up to a big deduction as it takes into account fuel, repairs, insurance etc.

01/26/2017

Tax season is upon us already as time sure does fly. I would like to thank all the Police officers, military past and present for everything they have done to protect us and for keeping our country safe. I will be offering a major discount to anyone in my area that is in law enforcement or the military on preparing their 2016 tax returns as a token of my appreciation. Call and make a appointment today and thank you again!

01/13/2017

With all the changes going on this year I have decided it was time for a corporate name change. I'm excited to announce Paragon Accounting Solutions, Inc. will now be known as Lash & Company CPAs, Inc.

01/11/2017

Tax season is now near and its been a hectic beginning to the new year with the office move. I will be offering all new clients a $50.00 discount on their first year tax preparation fees and a free half hour consultation to discuss your tax and financial needs. It's free so call today and make an appointment.

01/01/2017

Here is some information you might find useful about 2017 mileage rates. Happy new year!

The IRS issued the 2017 standard mileage rates for determining the deductible costs for operating a vehicle for business, medical, charitable or moving purposes.