For the remaining six months of the year, the IRS announced an increase in the optional standard mileage rate to 62.5 cents per mile, a four-cent increase from the rate effective at the beginning of 2022.
“The IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices,” said IRS Commissioner Chuck Rettig. “We are aware a number of unusual factors have come into play involving fuel costs, and we are taking this special step to help taxpayers, businesses and others who use this rate.”
