Article Date:
July 2022

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How Will You Deal with the New 62.5 Cents Mileage Rate?

The IRS noticed that average gas prices across the United States exceeded $5.00 a gallon and took action.


Small businesses that qualify to use and do use the standard mileage rate can deduct 62.5 cents per business mile from July 1 through December 31, 2022.1 That’s up 4 cents a mile.2


This brings up a practical question: what to do if you track business mileage using the three-month sample method?


Three-Month Sample Basics


As a reminder, here are the basics of how the IRS ... Log in to view full article.

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