As gas prices hit $5 per gallon, IRS makes mileage deduction for fuel costs more generous in rare midyear move.
The optional standard mileage rate for business-related driving is increasing to 62.5 cents a mile, starting in July, the Internal Revenue Service announced Thursday.
That’s up from the 58.5-cents-a-mile rate first announced in December.
The new 62.5-cents-a-mile rate applies for eligible road travel from July 1 to Dec. 31. The 58.5-cents rate applies for eligible miles logged from Jan. 1 to June 30.
Those 4 extra cents a mile might not sound like a lot, but, with so many rising costs, any extra bit can help.
www.marketwatch.com/story/irs-makes-mileage-deduction-for-gas-costs-more-generous-in-rare-mid-year-move