Mileage Rate is Increased by IRS

The Internal Revenue Service recently announced an increase in the optional standard mileage rate for the last six months of 2022. These rates may be used to calculate the deductible costs of operating an automobile for business and certain other purposes.

This new rate will be 62.5 cents per mile, up 4 cents from the rate that was effective at the beginning of 2022.

Click here to read more.

Sources: Internal Revenue Service