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IRS Increases Standard Business Mileage Rate to 62.5 cents per mile

High inflation and soaring gas prices caused the IRS to make a mid-year adjustment in the business mileage rate. Effective July 1 through Dec. 31, 2022, the standard mileage rate for the business use of employees’ vehicles will be 62.5 cents per mile—the highest rate the IRS has ever published—up 4 cents from the 58.5 cents per mile rate effective for the first six months of the year. Announcement 2022-13 informs taxpayers that the Internal Revenue Service is modifying Notice 2022-3, 2022-2 I.R.B. 308, by revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business and for determining the reimbursed amount of these expenses that is deemed substantiated. If you want to know how to calculate a mileage deduction, check out this Nerdwallet article.

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