What are the changes for deductions for ride sharing for 2022?

[kdevere]

Great question!  There is good news on this front, there are no changes to deductions with regard to the tax code.  There are new rules for the issuance of 1099-K's, any amount over $600 will trigger one for the contractor/business owner.  Additionally, the mileage deduction will be better, 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.   The increased mileage rate will increase your vehicle deduction and help a bit with these high gas prices.  Otherwise, the deductions remain the same.