IRS Standard Mile Rate Increases on July 1

Due to increases in the price of fuel, the IRS standard mileage rate used to deduct the cost of business driving goes up to 62.5¢ per mile from July 1 through December 31, 2022 (up from 58.5¢ per mile from January 1 through June 30, 2022). The rate for driving for medical or moving purposes (limited to certain military personnel) increases to 22¢ per mile. #IdeaoftheDay