IRS Announces Mileage Rate Increase
IRS Announces Mileage Rate Increase
Due to recent gasoline price increases, mileage rates will be adjusted for the final months of 2022. On June 9, 2022 the Internal Revenue Service (IRS) announced the optional standard mileage rate increase for the remainder of the year. The adjusted mileage rates, effective July 1, 2022, may be used by taxpayers to calculate the deductible costs of operating an automobile for business and certain other purposes.