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IRS Raises Mileage Rates as Gas Prices Increase
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WASHINGTON—The Internal Revenue Service raised the mileage rate used for calculating business tax deductions for vehicle use, making a rare midyear change in response to increasing gasoline prices.
The new rate for the final six months of 2022 will be 62.5 cents a mile, up from 58.5 cents a mile, which itself was a 2.5 cent increase from 2021.
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