In mid-December, the IRS announced the new optional standard mileage starts that will be in effect starting January 1, 2024. The rates are used to calculate the deductible costs of operating a vehicle for business, charitable, medical, or moving purposes.
By ISHAAN ANAND, CPA
In mid-December, the IRS announced the new optional standard mileage starts that will be in effect starting January 1, 2024. The rates are used to calculate the deductible costs of operating a vehicle for business, charitable, medical, or moving purposes.
The end of the year is a time for celebration, connection, renewal, and optimism for the future. It is filled with holiday celebrations, extended time with loved ones, and a chance to disconnect from the daily routine. However, it is also a chance to take advantage of opportunities that can save tax dollars now and in the coming year. Tax saving strategies include maximizing retirement plan contributions, increasing charitable contributions, prepaying educational expenses, and others. While the impact will vary based on each taxpayer’s situation, making even one of these or other moves before year end could add to significant savings.
