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Summer is almost here, which means peak gas prices are on their way.  While high prices at the pump are a bummer, particularly if you’re planning a summer road trip, don’t forget to log your mileage if you’re driving for business, medical, moving or charitable purposes.  Many taxpayers forget to do this and miss out on an easy tax refund opportunity.  The IRS standard mileage rate in 2013 is 56.5 cents for business!

Gas taxes are going up.  Here in Maryland, Gov. Martin O’Malley just signed the first gas tax increase in 20 years, which should raise prices by 13 to 20 cents per gallon by mid-2016.  Similar bills are receiving bi-partisan support in at least 17 states now.

But the IRS deduction rates are also on the rise.  See the below infographic, “The Secret Link Between High Gas Prices and Lower Taxes,” to learn more.

The Secret Link Between High Gas Prices and Lower Taxes

 


JDKatz: Attorney's At Law

JDKatz, P.C. is a full-service law firm focused on tax law and estate planning. We are dedicated to minimizing your existing liability and risks while providing valuable tax planning to streamline your tax issues in the future. Please call us at 301-913-2948 to schedule an appointment to meet with one of our trusted attorneys.

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At JDKatz: Attorneys at Law, each of our attorneys brings a unique set of experiences and perspectives to bear on our clients’ legal problems. For each case or task we take on, we assemble a team of lawyers ideally situated to our client’s specific needs and goals. Our managing partner, Jeffrey D. Katz, founded our firm in 2000 after starting his career in the tax department of Big Four accounting firm KPMG Peat Marwick. To learn more about our attorneys’ backgrounds and qualifications, please review their individual profiles.

HOW CAN WE HELP? CALL TODAY:

MD. (301) 913- 2948
D.C. (202) 600- 2600