The Internal Revenue Service (IRS) made an unusual announcement on June 9, raising the optional standard mileage rate for the final six months of 2022. The move comes as sky-high gas prices continue across the country.
The IRS hasn’t changed the mileage rate mid-year since 2011. Typically such increases are enacted in the fall, for the following tax year. This increase will take effect on July 1, 2022.
