The Internal Revenue Service (IRS) made an unusual announcement on June 9, raising the optional standard mileage rate for the final six months of 2022. The move comes as sky-high gas prices continue across the country.
The IRS hasn’t changed the mileage rate mid-year since 2011. Typically such increases are enacted in the fall, for the following tax year. This increase will take effect on July 1, 2022.
According to the new rate, the amount that individuals can expense for business purposes will increase from 58.5 cents per mile to 62.5 cents per mile. That’s a 4-cent increase over January 2022’s rate of 58.5 cents, and up from 56 cents a mile in January 2021….