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In case you haven’t heard, Congress gave the IRS and all taxpayers like you a gift for Christmas (maybe not what you expected). They have paused the Build Back Better debate for 2021. The law may be considered again for passage in 2022 session. IF the law had been passed this late in the year it WOULD HAVE MEANT:
Delayed filing season
Even later refunds (if that is possible)
Possibly extended filing season.
Thankfully Congress thought of you and didn’t want to give the IRS any more work which would cause an additional delay for your refunds. The IRS still has over 20 million 2020 tax year returns to process, do we want more delay?
On other news, The Annual Christmas Tax Newsletter was just emailed and mailed. Watch for your copy. . .
2022 Mileage rates. Per IRS IR-2021-251,published December 17, 2021:
Business mileage rate changed to 58.5 cents per mile
Medical and Moving rate is 18 cents per mile. Careful! Moving expense limited to qualified active-duty members of the Armed Forces only.
Charity mileage rate is 14 cents per mile (e.g. meals on wheels).
Closing thoughts: Its been a hard year, prayers for those who have suffered illness and loss. Prayers for a better year. Wishing all a Blessed Christmas and a Wonderful New Year. . .