The reimbursement rate for gas mileage has gone up by 2.5 cents, according to the IRS, just in time for rising gas prices.
The rate is now 58.5 cents.
This went into effect Jan. 1, 2022 and applies to cars, pick up trucks, and vans.
If it’s the first year you’re applying for mileage, you should choose the standard mileage rate.
You’ll get the option to choose between standard rates or expenses.
How much money would I get from the IRS gas stimulus check proposal?
For medical purposes, the rate was raised to .18 cents.
Charity driving remained at .14 cents per mile.
This rate increase comes at a time when gas is hitting record highs.
March 22 had a national average of $4.24 per gallon.
Why are gas prices so high in California?
Where are gas prices the highest that the IRS increase would help?
The two highest states with rising gas prices are California and Nevada.
California has a standard average of $5.87 per gallon while Nevada’s is $5.13 per gallon.
California is discussing the possibility of a $400 gas rebate for its residents.
Other discussions include a possible gas tax suspension temporarily.
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