TRAVIS RAML, CPA & ASSOCIATES, LLC
  • Home
  • Services
    • Accounting & QuickBooks
    • Tax Preparation & Planning
    • CFO & Advisory Services
    • Coaching & Training >
      • Coaching Center
    • DCAA & Government Contracting
    • Financial Consulting Services
    • Tax Representation & Resolution
    • Incorporation & Business Setup
    • Wealth Growth & Planning
    • Payroll Services
  • Contact Us
  • About Us
  • Blog
  • Industries
    • Doctors & Physicians
    • Dentists & Dental Practices
    • Technology & Management Consultants
    • Lawyers and Law Firms
    • DCAA & Government Contracting
    • Real Estate
  • Resources
    • Newsletter Sign Up
  • Schedule Meeting
  • Consultations

Growth Profits and Wealth Blog

Schedule a FREE NO PRESSURE Consultation
Access Octomono Masonry Settings

Tax Year 2022 Update: The IRS Responds to Inflation With A Rare Midyear Mileage Rate Change

6/21/2022

0 Comments

 

Tax Year 2022 Update: The IRS Responds to Inflation With A Rare Midyear Mileage Rate Change

Picture
​​The IRS has announced an increase in the optional standard mileage rate for the final 6 months of 2022.
Taxpayers may use the optional (instead of actual expenses) standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other tax deductible purposes.

​​
Midyear increases in the optional mileage rates are rare; the last time the IRS made such an increase was in 2011.
​For the final half of 2022 (July 1, 2022 to December 31 2022):

Business and Medical Mileage Change

Picture
• The standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents.
• The new rate for deductible medical  & moving* expenses will be 22 cents, up 4 cents.
• The rate for charitable organizations remains unchanged at 14 cents per mile.

* availlble only for active-duty members of the military

Prices Means Infation

"The IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices," said IRS Commissioner Chuck Rettig. "We are aware a number of unusual factors have come into play involving fuel costs, and we are taking this special step to help taxpayers, businesses and others who use this rate."

Though the price of fuel is definitely a major factor when it comes to calculating your mileage, there are other factors that have to be taken into account, including the rate at which your car depreciates as well as its insurance and any other fixed costs you might have.​

See All of Our GovCon Solutions
Schedule a Fee Consultation

Optional Business Standard Mileage Rate vs. Actual Costs

The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage. Taxpayers continue to have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates, although this does require extensive recordkeeping.
​Midyear increases in the optional mileage rates are rare; the last time the IRS made such an increase was in 2011.
Further details are available in IR-2022-124.
n-22-03.pdf
File Size: 89 kb
File Type: pdf
Download File

​
Tags:
0 Comments

Are you Looking to Attain Government Contracts? We've Complied a List of 14 Need to Know Websites to Help.

6/9/2022

 
Picture

Are you Looking to Attain Government Contracts? We've Complied a List of 14 Need to Know Websites to Help.


We have compiled a list of websites that can be helpful to those who are seeking government contracts. Although most of these sites are intended for pre-award activities, some may be useful for post-award, or contract execution as well.

Name:
Website:
This is helpful if you want to:
Picture

Federal Business Opportunities (FBO)

https://sam.gov/content/opportunities​
  • Find Federal Opportunities that exceed $25,000

Federal Procurement Data System

https://www.fpds.gov/ezsearch/search.do?indexName=awardfull&templateName=1.4.4&s=FPDSNG.COM&q=contracts
  • Research contract awards in a number of ways including by agency, company, department, NAICS code, and many other options

Picture

General Services Administration (GSA)

Assistance for Small Business
https://www.gsa.gov/small-business#hubzone
  • Obtain advice if you want to sell to/through GSA, particularly if you are a small business

Government Forms

https://www.opm.gov/forms
  • Find a specific Government Form

Schedule a FREE No Pressure Consultation!
See All of Our Gov Con Services & Solutions

Picture

Small Business Administration (SBA)

http://www.sba.gov
  • Obtain information about how to start and grow a small business

8(a) Business Development (BD) Program

http://www.sba.gov/8abd/
  • The 8(a) Business Development Program is a business assistance program for small disadvantaged businesses.
Picture

Historically Underutilized Business Zone (HUBZone) Program

http://www.sba.gov/hubzone/
  • The HUBZone program fuels small business growth in historically underutilized business zones.
Bonus Resource:

Hubzone Workbook

Picture

Service-Disabled Veteran-Owned Small Business (SDVOSB)

http://www.sba.gov/content/service-disabled-veteran-owned-small-business-concerns-sdvosbc
  • The federal government aims to award at least 3% of all federal contracting dollars to Service-Disabled Veteran-Owned Small Businesses each year.
Picture

Procurement Program Women- Owned Small Business (WOSB)

http://www.sba.gov/wosb
  • The federal government aims to award at least 3% of all federal contracting dollars to Service-Disabled Veteran-Owned Small Businesses (SDVOSB) each year.

Small Business Size Standards for NAICS codes

https://www.sba.gov/contracting/getting-started-contractor/make-sure-you-meet-sba-size-standards/table-small-business-size-standards
Scroll Down--From there, there’s a table you can access.
https://siccode.com/naics-code-lookup-directory
  • Check the Size Standard to see what qualifies to be a small business under each NAICS code
  • Search for NAICS codes by description or number
  • NAICS Codes Lookup - North American Industry Classification System

Picture

System for Award Management (SAM)

https://www.sam.gov
  • Register your organization in order to do business with the Federal Government
  • Update your registration annually at a minimum
  • Explore other companies to see whether they are a small business, HUBZone etc. and
  • Inquire to see whether a potential Teaming Partner is debarred

Time and Date

https://www.timeanddate.com/date/duration.html
  • Check whether an employee or candidate has the length of experience necessary to meet a position qualification

USA Spending

https://www.usaspending.gov/explorer​
  • Search website that provides access to information on  entities and organizations receiving federal funds

​
Tags:

    RSS Feed

    View my profile on LinkedIn

    Travis Raml, CPA

    Categories

    All
    Accounting
    Business Development
    Business Entities And Incorporation
    Business Information
    Business Planning
    CARES Act
    Coronavirus
    Covid 19
    Government Contracting
    Income Tax
    Individuals
    Infrastructure Investment And Jobs Act
    Insurance
    IRS
    Pandemic
    Personal Finances
    Personal Protective Equipment
    QuickBooks
    Real Estate
    Resources
    Restructuring
    Retirement
    Risk Manangement
    SBA
    Skills & Qualities
    State Taxes
    Stimulus
    Tax Credits
    Tax Deductions
    Tax Planning
    TCJA
    The American Rescue Plan Act | ARPA

    Archives

    August 2022
    July 2022
    June 2022
    April 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    April 2020
    March 2020
    January 2020
    July 2019

    Follow me on Blogarama
    Blog Directory by Blog Flux
     Blogs - OnToplist.com
    blogville

CPA Firm Services

Accounting Services
​Tax Services
​Tax Representation
​CFO & Advisory
​Financial Consulting
DCAA Compliance
Incorporation

​Payroll Services
Coaching & Training
Growth & Wealth

Industries we Serve

Doctor & Physicians 
Dental Practice
Consulting Firms
​Law Firms
​DCAA & Governments Contractors  
​Real Estate
Pay Invoice

COLUMBIA MD ACCOUNTANT

Travis Raml, CPA & Associates, LLC is an accounting firm in Columbia MD which offers, tax services, outsourced CFO, outsourced controller, businesses advisory, and coaching services to businesses and individuals thorough out the Greater Washington, DC and Baltimore, MD area.

​We also provide service in Ellicott City, Columbia, Annapolis, Severn, Odenton, Crofton, Silver Spring, Rockville, Bethesda, Gaithersburg, Potomac, Reston, Tysons Corner, Fairfax, Alexandria, Arlington. We're also a local CPA firm conveniently located in Columbia Maryland directly across from Columbia Mall.
​
Travis Raml, CPA has been an accountant since 1998 and a certified public accountant (CPA) since 2003 and prides his firm on delivering high quality small business CPA services. He specializes in Columbia Tax Preparation, and Columbia Maryland Accounting Firm.


Support

Phone:
​       
(443) 927-9161

​Fax:            
​        (443) 927-9152
Schedule New Client Consultation

​Schedule Client Meeting

Contact Us
About Us
Blog
Sitemap

Top Accountant in Columbia
Top Accountant in Washington DC
Best Accountants in Columbia
Accountants near me
Best Accountants in Columbia
Accountants near me
Best Accountants in Columbia
Accountants near me
  • Home
  • Services
    • Accounting & QuickBooks
    • Tax Preparation & Planning
    • CFO & Advisory Services
    • Coaching & Training >
      • Coaching Center
    • DCAA & Government Contracting
    • Financial Consulting Services
    • Tax Representation & Resolution
    • Incorporation & Business Setup
    • Wealth Growth & Planning
    • Payroll Services
  • Contact Us
  • About Us
  • Blog
  • Industries
    • Doctors & Physicians
    • Dentists & Dental Practices
    • Technology & Management Consultants
    • Lawyers and Law Firms
    • DCAA & Government Contracting
    • Real Estate
  • Resources
    • Newsletter Sign Up
  • Schedule Meeting
  • Consultations