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1 week ago

IRS raises business mileage deduction rate amid fuel price surge

The IRS this week announced changes in the amount that taxpayers may deduct in gas used per mile while operating a vehicle for business for the remainder of the year amid higher gas prices.The tax collection agency noted that the change "results from recent increases in the price of fuel" and will allow for larger mileage deductions for business, medical and moving expense purposes.Under the revision, the standard mileage deduction rate for business will increase to 76 cents per mile, up from 72.5 cents a mile.Deductions for medical and moving purposes will also rise to 23.5 cents per mile, ri...