IRS Announces Mid-2022 Increase in Standard Mileage Rate

On June 9, 2022, the IRS announced an increase in its standard mileage rates for July through December of 2022. This rate is used to calculate the deductible expense of operating an automobile for business purposes. A mid-year change in the mileage reimbursement rate is rare, according to the IRS. As of July 1, 2022, the per-mile business rate has been raised four cents, from 58.5 cents to 62.5 cents, nearly a seven percent increase. This higher rate will remain in effect throughout the balance…