[Michael - Cleveland]

IRS raises 2023 mileage rate for business use by 3 cents

The Internal Revenue Service increased the "optional standard mileage rate" used to calculate tax deductions by 3 cents a mile for 2023.

The increase brings the IRS rate to 65.5 cents per mile driven for business use.

IRS mileage rate up for 2023 after two increases last year

This comes after a rare mid-year adjustment went into effect July 1 because of high gas prices.

www.axios.com

 

[ObeyTheNumbers]

IRS raises 2023 mileage rate for business use by 3 cents

The Internal Revenue Service increased the "optional standard mileage rate" used to calculate tax deductions by 3 cents a mile for 2023.

The increase brings the IRS rate to 65.5 cents per mile driven for business use.

IRS mileage rate up for 2023 after two increases last year

This comes after a rare mid-year adjustment went into effect July 1 because of high gas prices.

www.axios.com

Yet my Uber driver pay has NOT increased with the inflation rate and they are taking away the 50 cent trip surcharge, little good that it did.

Guess I'll just have to forget to swipe to end the trip a few times to compensate. 😂


Also IRS will start collecting info from Venmo and Cash like payment apps in 2023 for tax purposes. I wonder if the IRS will share that data with law enforcement for catching the pirate Ubers running loose out there?

 

[Michael - Cleveland]

Yet my Uber driver pay has NOT increased with the inflation rate and they are taking away the 50 cent trip surcharge, little good that it did.

Guess I'll just have to forget to swipe to end the trip a few times to compensate. 😂


Also IRS will start collecting info from Venmo and Cash like payment apps in 2023 for tax purposes. I wonder if the IRS will share that data with law enforcement for catching the pirate Ubers running loose out there?

PayPal Venmo IRS reporting thing I believe has been postponed until 2024.

 

[ObeyTheNumbers]

PayPal Venmo IRS reporting thing I believe has been postponed until 2024.

"The rule will now apply to money earned in 2023, the agency said."

IRS delays $600 income reporting rule for U.S. gig workers

The U.S. Internal Revenue Service said on Friday it would delay a new rule requiring more extensive reporting by gig workers and others who are paid through third party apps, after complaints the rule was too onerous.

www.reuters.com

So when one files their 2023 taxes in 2024...not postponed until 2024. Its in effect for 2023 and those apps (Cash, Venmo, Paypal etc) are now reporting.

 

[Michael - Cleveland]

"The rule will now apply to money earned in 2023, the agency said."

IRS delays $600 income reporting rule for U.S. gig workers

The U.S. Internal Revenue Service said on Friday it would delay a new rule requiring more extensive reporting by gig workers and others who are paid through third party apps, after complaints the rule was too onerous.

www.reuters.com

ah... it's 2023 reporting of 2022 that was delayed - thanks!

 

[Heisenburger]

7 cents higher than a year ago! And the highest in history!

Let's start racking up those miles everybody!

For all you 100k business miles per year people out there: that's an extra $7k off your gross!

 

[Michael - Cleveland]

[way] back in my corporate days - when got paid the std rate on our expense reports - I considered an increase like this a raise. Today, driving a 60+ mpg Prius for rideshare - it's not cash - but it sure does wipe out the tax liability.

 

[radikia]

7 cents higher than a year ago! And the highest in history!

Let's start racking up those miles everybody!

For all you 100k business miles per year people out there: that's an extra $7k off your gross!

Yes , but unfortunately you will grossing more than 7k less on those miles compared to last year ..............

 

[Michael - Cleveland]

Yes , but unfortunately you will grossing more than 7k less on those miles compared to last year ..............

How do you know what he will be grossing as income?

My fuel costs are less than a year ago
My earning from driving are stable, and
The std mileage deduction reduces my taxable income from all income sources, not just driving

 

[Heisenburger]

Yes , but unfortunately you will grossing more than 7k less on those miles compared to last year ..............

I'm not following you.

 

[Tnasty]

Ya uber thought the gov was giving us a raise!

 

[Heisenburger]

Once all the decent incentives dried up around here late last year (November - December), I started cherry picking all the longest trips just to further boost the deductions and consequently my refund. I even took a couple 100+ milers to the boonies, which is typically a big no-no. Most were 25 to 50 miles on easy highway and interstate roads.

 

[Civicdriver]

The mileage deduction is especially useful if your car is paid off and you get great gas mileage like a combined 30 miles a gallon like my 2012 civic.
Since I have a spotless driving record I pay less than $900 a year for full coverage insurance including rideshare waiver.
In 10 years I have spend $10 on repairs on my car ( 2 rear lightbulbs).
Other than maintenance.
At $ 3 per gallon it costs me 10 cents / per mile in fuel to drive.
I,m not counting insurance as a rideshare expense,since I need insurance anyways.
65.5 cents per mile is gonna offset any miles I drive,no taxes again,Yay.

 

[Michael - Cleveland]

get great gas mileage like a combined 30 miles a gallon

If that's "great" mpg, what is the 63 mpg I get in my 2018 Prius Prime or the 58 mpg I got in my old 2012 Prius? ; )

 

[Civicdriver]

If that's "great" mpg, what is the 63 mpg I get in my 2018 Prius Prime or the 58 mpg I got in my old 2012 Prius? ; )

So you are comparing a hybrid to a gas only car?🤔
How much is that new hybrid battery when you need to get one?
I bet my battery is cheaper . ALOT!!!

 

[Heisenburger]

How much is that new hybrid battery when you need to get one?

I fail to grasp this doom and gloom mindset. I know of no single person who's ever had a failed battery pack before 300k miles, but know of a few people who have had failed gas engines in non hybrids before same miles.

 

[Michael - Cleveland]

So you are comparing a hybrid to a gas only car?🤔
How much is that new hybrid battery when you need to get one?
I bet my battery is cheaper . ALOT!!!

I wasn't comparing anything.
You said 30 mpg combined was 'great' I asked you if 30 is "great" what is 58 mpg - and I added a <wink> indicating kidding/joking around.
Instead of lol or joking with me, you answered my question with unrelated questions.
So, since you asked...

• No - I'm contrasting the mpg of a 5 seat sedan available to anyone to the mpg of a 5 seat sedan available to anyone
• I've had 3 Prius'. I replaced the battery on my 2007 1 time, at 300,000 miles at a cost of $900. That car needed brakes just once and had no other maintenance. One other I sold at 240,000 miles with the original hybrid battery - and I'm still driving my 2018 on it's original hybrid battery. I hope that answers your question.
• The prius has 2 batteries, not one. The 12v is just like the 12V in your non-hybrid. The high-voltage battery is what allows the car to get over 50 mpg (with newer models topping 60 mpg) by powering the electric motor(s). Since the hybrid battery is charged by regenerative braking, the brake pads and rotors last 4 times longer than the ones on a non-hybrid.

You may want to actually learn something about hybrids.

 

[Civicdriver]

Apparently I mistook the hybrid battery for the electric car batteries, tesla batteries new going for about $20 k, there fore nullifying any gas savings.
My bad.
Not to mention the environmental damage done by mining for the previous metals for the batteries.

 

[Civicdriver]

I meant precious metals, darn auto correct

 

[Civicdriver]

Goooooooo lithium!!!