You may have noticed that gas prices are climbing. And climbing. And climbing. And where they’ll stop, nobody knows . . . ?
Our friends at the IRS are paying attention. They’ve increased the standard mileage rates for the rest of 2022. These mileage rates can be used to value deductible expenses when you drive for business, medical, or moving purposes. Here are the new rates that take effect July 1, 2022 (so until that time, use the current rates).
We’ve also updated our 2022 Dollar Limits flyer that includes thresholds for employee benefit plans. You can access it by clicking the link below.
2022 Dollar Limits Flyer updated with 7-22 mileage rates