The IRS has updated their gas milage reimbursement rate for 2022.
The agency decided to do this because inflation has impacted gas prices so much.
What is the new rate?
For the last half of 2022, the IRS has increased their standard milage rate to 62.5 cents per mile for business travel. This is a 4 cent raise from where it started at the beginning of the year. The IRS has updated the rate to better reflect current fuel prices. The new rate will go into effect July 1.
The office explains that teh standard milage rate is “used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs.”