IRS Increases Standard Mileage Rates for Last Half of 2022 For Luxottica Employees

Company Name For plan years beginning in Year Month First Segment Second Segment Third Segment Plan Type
Luxottica All 2025 January 4.74% 5.55% 5.92%
Luxottica All 2024 January 4.89% 5.14% 5.29%

Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, and moving expense purposes for the second half of 2022. The standard mileage rate for computing the deductible costs of operating an automobile for charitable purposes is set by statute and remains unchanged.

For July 1, 2022, to December 31, 2022, the standard mileage rates are as follows:

  • Business use of auto : Our Luxottica clients may find this particularly beneficial. 62.5 cents per mile (up from 58.5 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used for business purposes. As a Luxottica employee, your employer from Luxottica may reimburse you for your business travel expenses using the standard mileage rate. However, if Luxottica does not reimburse you for your business travel expenses, you cannot currently deduct your unreimbursed travel expenses as miscellaneous itemized deductions.

  • Charitable use of auto : 14 cents per mile (the same as for January 1, 2022, to June 30, 2022) may be deducted if an auto is used to provide services to a charitable organization if you itemize deductions on your income tax return. We'd like our clients from Luxottica to note that your charitable deduction may be limited to certain percentages of your adjusted gross income, depending on the type of charity.

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  • Medical use of auto : 22 cents per mile (up from 18 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons) if you itemize deductions on your income tax return. It's also important that our Luxottica clients note that you can deduct only the part of your medical and dental expenses that exceed 7.5% of the amount of your adjusted gross income.

  • Moving expense : 22 cents per mile (up from 18 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used by a member of the Armed Forces on active duty to move, pursuant to a military order, to a permanent change of station (unless such expenses are reimbursed). The deduction for moving expenses is not currently available for other taxpayers.

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    The IRS normally updates the standard mileage rates once a year in the fall for the next calendar year. Mid-year increases in the standard mileage rates are rare — the last time the IRS made such an increase was in 2011.

    What is the purpose of Luxottica's 401(k) Savings Plan?

    The purpose of Luxottica's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.

    How can I enroll in Luxottica's 401(k) Savings Plan?

    You can enroll in Luxottica's 401(k) Savings Plan by completing the enrollment process through the company's HR portal or by contacting the HR department for assistance.

    What types of contributions can I make to Luxottica's 401(k) Savings Plan?

    Employees can make pre-tax contributions, Roth (after-tax) contributions, and potentially catch-up contributions if they are age 50 or older in Luxottica's 401(k) Savings Plan.

    Does Luxottica offer a company match on 401(k) contributions?

    Yes, Luxottica provides a company match on employee contributions to the 401(k) Savings Plan, which helps employees increase their retirement savings.

    What is the vesting schedule for Luxottica's 401(k) company match?

    The vesting schedule for Luxottica's 401(k) company match typically follows a graded schedule, where employees earn ownership of the match over a specified period of service.

    Can I change my contribution amount in Luxottica's 401(k) Savings Plan?

    Yes, employees can change their contribution amount at any time during the year by submitting a request through the HR portal or contacting HR.

    What investment options are available in Luxottica's 401(k) Savings Plan?

    Luxottica's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

    How often can I reallocate my investments in Luxottica's 401(k) Savings Plan?

    Employees can reallocate their investments in Luxottica's 401(k) Savings Plan as often as they wish, subject to any specific trading restrictions set by the plan.

    Is there a loan option available in Luxottica's 401(k) Savings Plan?

    Yes, Luxottica's 401(k) Savings Plan may allow employees to take loans against their account balance under certain conditions.

    What happens to my Luxottica 401(k) Savings Plan if I leave the company?

    If you leave Luxottica, you have several options for your 401(k) Savings Plan, including rolling it over to an IRA or another employer's plan, or cashing it out, though cashing out may incur taxes and penalties.

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