The Friday Lowdown ⬇️

If you're new around here, every day I share the 4-5 best accounting insights I saw in the past 24 hours.

I scroll. so you don't have to.

💎 WTF of the Day

IRS’s Free Tax Tool Faces Uncertain Future

The IRS rolled out a pilot for "Direct File," a tool that lets you file taxes for free, no TurboTax, no middlemen. But the IRS won’t commit to expanding it nationwide.

Big Tax Prep (looking at you, TurboTax and H&R Block) is putting on the pressure to shut it down. Meanwhile, taxpayers are left wondering if this free, simple solution will ever stick around. Classic IRS big promise, zero follow-through (so far).

💎 What’s poppin in accounting

IRS Just Made Your Mileage Worth More

Starting January 1, the IRS is upping the business mileage rate to 70 cents per mile (from 67 cents). More cash for anyone racking up miles on the road.

Meanwhile, medical and charity rates stay stuck at 22 and 14 cents. So, if you’re driving for work, you win. If not? Same old story.

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 📊 Weekly Trend Chart

Chocolate’s Getting Expensive

Cocoa just hit $12,000 a ton, the highest price in 40 years. Why? Crops in West Africa are down, demand is up, and bad weather isn’t helping.

Translation: your favorite candy bar might get pricier. Looks like even chocolate isn’t safe from inflation.

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