IRS Increases Mileage Rate for the Remainder of 2022

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June 10, 2022 |

In recognition of recent gasoline price increases, the IRS announced an increase in the optional standard mileage rate, effective July 1st, for the remainder of 2022. For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up four cents from the first half of the year. Taxpayers can use these rates to calculate the deductible costs of operating an automobile for business.

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