Summer is almost here, which means peak gas prices are on their way. While high prices at the pump are a bummer, particularly if you’re planning a summer road trip, don’t forget to log your mileage if you’re driving for business, medical, moving or charitable purposes. Many taxpayers forget to do this and miss out on an easy tax refund opportunity. The IRS standard mileage rate in 2013 is 56.5 cents for business!
Gas taxes are going up. Here in Maryland, Gov. Martin O’Malley just signed the first gas tax increase in 20 years, which should raise prices by 13 to 20 cents per gallon by mid-2016. Similar bills are receiving bi-partisan support in at least 17 states now.
But the IRS deduction rates are also on the rise. See the below infographic, “The Secret Link Between High Gas Prices and Lower Taxes,” to learn more.
- Expert: Gas Prices Have Peaked (minnesota.cbslocal.com)
- Hike At The Pump: Gov. O’Malley Signs Gas Tax Into Law (baltimore.cbslocal.com)
- With 38.2 cents per gallon, California is tops for state gas taxes (green.autoblog.com)
- Lower Mainland drivers pay second-highest tax on gas in North America (theprovince.com)
- U.S. gas prices down 32 cents from 2012 peak (cnn.com)
JDKatz, P.C. is a full-service law firm focused on tax law and estate planning. We are dedicated to minimizing your existing liability and risks while providing valuable tax planning to streamline your tax issues in the future. Please call us at 301-913-2948 to schedule an appointment to meet with one of our trusted attorneys.