The secret link between high gas prices and lower taxes [infographic]

May 23, 2013 — 3 Comments

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.


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