The Tax Perk of High Gas Prices The IRS Is Cutting You a Tax Break!
Soaring gas prices have become a pain point for almost everyone. Thankfully, the IRS has taken action to provide relief to those who are affected the most. If you’re self-employed or are otherwise eligible to deduct your work mileage, this rate hike could save you plenty of money on your taxes this year. The Internal Revenue Service has increased the mileage deduction rate from 58.5 cents per mile to 62.5 cents per mile — a significant increase. Typically, the
IRS only adjusts standard mileage rates annually. However, given the current high gas prices and the related spike in travel expenses, they deemed it necessary to make the change as soon as possible. WHO CAN DEDUCT MILEAGE? You can deduct travel expenses if you are self-employed or work in a field that mandates frequent travel — for example, if you’re a performer, volunteer, or medical provider. WHAT EXPENSES QUALIFY FOR A DEDUCTION? Generally, if you’re traveling for the primary purpose of conducting your job duties, the mileage incurred should qualify for a deduction. This includes any trips that are exclusively for business purposes. As an example, traveling to meetings with clients, a convention related to your work, or for a pertinent training program would qualify. If your main point of business is
your home, then you may include travel to and from your home as long as those trips are exclusively for business purposes. If your main business location is elsewhere, you cannot deduct trips from work to home and vice versa. HOW DO I DEDUCT MY MILEAGE? Self-employed individuals can report their mileage on the Schedule C form. Employees who qualify for the deduction can file their deduction using Form 2106. In either case, keeping a good record of your mileage is essential to protect yourself in the event of an IRS audit. If you are a business owner, the best way to deduct this expense would be through an accountable plan. Plenty of smartphone apps are available that can make the tracking process easy, such as MileIQ. If you’d like more information on how you can implement deductions to save on your taxes, we’re here to help.
Pumpkin Pie Parfaits
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These parfaits are an easy fall dessert everyone can make!
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Ingredients • 3.4 oz instant vanilla pudding mix • 2 cups cold milk • 15-oz can pumpkin purée • 1/2 tsp cinnamon
• 1/4 tsp nutmeg • 1/8 tsp ground cloves • 1 cup vanilla sandwich cookies • 8 oz whipped topping
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Directions 1. In a large bowl, whisk together pudding mix and milk. Let sit for 5 minutes, then stir in pumpkin purée, cinnamon, nutmeg, and ground cloves. 2. In a blender or food processor, crush vanilla sandwich cookies into crumbs. 3. In small jars or glasses, place cookie crumbs on bottom, then pumpkin mixture, then whipped topping. Repeat these layers twice and end with cookie crumbs. 4. Chill until ready to serve!
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