This notice provides the optional 2022 standard mileage rates for taxpayers touse in computing the deductible costs of operating an automobile for business,charitable, medical, or moving expense purposes. This notice also provides the amounttaxpayers must use in calculating reductions to basis for depreciation taken under thebusiness standard mileage rate. The standard mileage rate for transportation […]

Individual taxpayers and business owners can use the IRS Offer In Compromise Booklet to learn how an offer in compromise works and decide if it could help them resolve their tax debt. An offer in compromise is an agreement between a taxpayer and the IRS that settles a tax debt for less than the full […]

Depreciation is an annual tax deduction that allows small businesses to recover the cost or other basis of certain property over the time they use the property. It is an allowance for the wear and tear, deterioration or obsolescence of the property. Small businesses can depreciate property when they place it in service for use […]