Tax Facts – Robert Bell, CPA, Auditor

Mileage Rates 2022

The IRS has updated mileage rates for 2022.

+ Beginning January 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

+ 58.5¢ per mile driven for business use, up 2.5¢ from the 2021 rate

+ 18¢ per mile driven for medical, or moving purposes for qualified active-duty members of the Armed Forces, up 2¢ from the 2021 rate, and

+ 14¢ per mile driven in service of charitable organizations; unchanged from 2021

New Iowa Corporate Tax Rates
Effective for the 2021 tax year and beyond, Iowa corporate income tax rates are reduced.

Taxable Income

2020

2021

Up to $25,000

6.0%

5.5%

$25,000 - $100,000

8.0%

5.5%

$100,000 - $250,000

10.0%

9.0%

Over $250,000

12.0%

9.8%

Iowa Ethanol Promotion Tax Credit

Many retailers of ethanol blended gasoline were able to claim this credit on form IA 137 in the past. This credit was repealed on January 1, 2021, and is not available for any gallons sold on or after that date. For calendar year filers, this credit will not be allowed on the 2021 tax return for year ending December 31, 2021. For fiscal year filers, only the portion of gallons sold between the beginning of the fiscal year and December 31, 2020, will be eligible for the credit.

Other

  • Some aspects of TCJA sunset at the end of 2025 – including Section 199A.
  • 19% more tax returns are filed since 2010 and the IRS current budget is 20% less than 2010
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