Gas prices in the United States have been soaring during 2022 and the IRS has noticed. Due to a $1.15 increase to the average price of a gallon of gas since December 2021, the IRS has increased the standard milage rate to 62.5 cents per mile up from 58.5 cents per mile in the beginning of 2022.
This change is not retroactive for the first six months of 2022 and only applies to travel after June 30th. Medical travel received the same 4 cent increase from 18 cents to 22 cents. The IRS also notes that the standard rate can be avoided by reporting the actual allowable expenses of operation.
Contact Breon & Associates in Harrisburg
With offices in Harrisburg and South Central PA, Breon & Associates provides business, accounting and tax services throughout Pennsylvania, New York, North Carolina and Florida. Call us at 1-888-516-8476 or 717-273-8626, or contact one of our offices online to schedule an online consultation or an online training event.
Camp Hill Office:
3461 Market Street, Ste 101
Camp Hill, PA 17011
Ephrata Office
901 Dawn Avenue, Suite A
Ephrata, PA 17522
Wyomissing Office
3 Park Plaza, Suite 207
Wyomissing, PA 19610