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Stan1414
Returning Member

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

 
1 Reply
kdevere
Employee Tax Expert

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

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.

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