IRS Increases Standard Mileage Rate

Breaking news from the IRS that can increase your 2022 deductions…In light of the increasing costs of gas, the IRS standard mileage rate has increased to 62.5 cents per mile for travel from July 1, 2022 to December 31, 2022.

Mileage from January 1, 2022 to June 30, 2022 will still be at the previously set rate of 58.5 cents per mile.

Thank you to Fred Kenyon of Kenyon & Associated who first brought this to our attention.