The IRS just announced an increase in the standard mileage rate for the final six months of 2022.
Effective beginning July 1st, the rate for business travel will increase to 62.5 cents per mile from 58.5 cents per mile.
The rate for medical and moving will also increase four cents per mile from 18 cents to 22 cents.
The IRS stated that the adjustments are necessary to better reflect recent increases in fuel prices.
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