Insights

Increase in Mileage Rates

The Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. This policy was implemented to combat the increase in gasoline prices throughout the country. For more see https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022.

Colorado Cash Back

On May 23, 2022, Gov. Jared Polis signed a new law (Senate Bill 22-233) to give Coloradans a tax rebate of $750 for individual filers and $1,500 for joint filers this summer. This law will provide immediate relief to Coloradans by sending you a check this summer or fall if you filed a timely tax return (By April 15th). For all taxpayers that file by October 15th the rebate will be sent out in January 2023. For more information see https://tax.colorado.gov/cash-back.