In recognition of recent gasoline price increases, the Internal Revenue Service announced on June 9th an increase in the optional standard mileage rate for the final 6 months of 2022.

The standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. These new rates become effective July 1, 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.