By SEMA Washington, D.C., Staff
The Internal Revenue Service has increased the standard business-mileage deduction from 58.5 cents per mile to 62.5 cents per mile for the remainder of 2022. While the rate is generally updated annually, the IRS adjusted the rate mid-year in response to a rise in gas prices. The change takes effect July 1. The mileage calculation includes the cost of fuel, along with other vehicle fixed and variable operating expenses, such as depreciation, insurance, tires, etc.
Companies and individuals who use their automobiles (including vans, pickups and panel trucks) for business have the option of using the standard rate in lieu of keeping records of their actual expenses.
For more information, contact Caroline Fletcher at firstname.lastname@example.org.