Feeling the pressure of increased fuel prices? The IRS has taken notice too. In an attempt to help taxpayers and businesses, the IRS announced an increase to the standard mileage rate for business travel from 58.5 to 62.5 cents per mile. The new rate will go into effect July 1st, 2022. Additionally, the medical mileage rate will increase from 18 to 22 cents per mile while the charitable rate remains unchanged at 14 cents per mile.
See the IRS news release here.