For the first time since 2011, the IRS is making a midyear adjustment to the standard mileage rate for the remainder of the year effective July 1, 2022.
The optional business standard mileage rate can be used to calculate the deductible costs of operating a vehicle for business. This rate is based on both the fixed and variable costs of operating a vehicle, such as fueling.
Due to the recent rise in gas prices, the IRS will increase the standard mileage rate for business travel to 62.5 cents per mile, an increase of 4 cents compared to the beginning of the year. This adjustment will last for the remaining six months in 2022.
To learn more about the development, click here.
