Optional Standard Mileage Rates to Rise
The IRS has announced that it is revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business purposes. The rate will increase from 58.5 cents per mile to 62.5 cents per mile for the final six months of 2022. This new rate will begin July 1 and will cover transportation expenses paid or incurred for business, medical, or moving expenses.
The standard mileage rate takes into account a variety of factors, including fuel costs, depreciation, insurance, and other fixed variable costs. The rate is also used as a benchmark by the federal government and many businesses to reimburse employees for mileage.
Midyear increases in this rate are uncommon, and last occurred in 2011.
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