Due to the rapidly rising cost of fuel, the IRS just raised the business mileage rate from 58.5 cents per mile to 62.5 cents per mile for July through December of 2022. The Business Mileage Rate is used to compute the deductible costs of operating an automobile for business use as an alternative to deducting actual auto expenses. For vehicle use from January through June of 2022, employers and employees should use the rates outlined in IRS Notice 2022-03. The IRS typically updates standard mileage rates for the next calendar year each fall.
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