The optional standard mileage rate for business-related driving is increasing to 62.5 cents per mile, starting in July.
The federal tax deduction that businesses and self-employed taxpayers can use for their work-related miles on the road is suddenly getting more generous, in a nod to gas prices that keep breaking records.
It’s... The federal tax deduction that businesses and self-employed taxpayers can use for their work-related miles on the road is suddenly getting more generous, in a nod to gas prices that keep breaking records. The four-cent rate increase is meant “to better reflect the recent increase in fuel prices,” said IRS Commissioner Charle Rettig. The IRS announcement arrived the same day that national gas averages breached the $5-a-gallon mark, according to GasBuddy.
The rate applies to business and self-employed taxpayers, and it’s not meant to chip at commuting costs, Barbara Weltman, author of “J.K. Lasser’s Small Business Taxes 2022: Your Complete Guide to a Better Bottom Line,” previously told MarketWatch.
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