IRS Raises Standard Mileage Rate for Final Half of 2022
Business mileage rate increases to 62.5 cents per mile, up from 58.5 cents Citing soaring gas prices, the Internal Revenue Service (IRS) on June 9 announced an increase in the optional standard mileage rate for the final six months of 2022. Effective July 1 through Dec. 31, 2022, the standard mileage rate for the business use of employees’ vehicles will be 62.5 cents per mile—the highest rate the IRS has ever published—up […]