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IRS Increases Mileage Reimbursement Rate Starting July 1, 2022

The Internal Revenue Service (IRS) has announced that its optional standard mileage rate will increase to 62.5 cents per mile driven for business purposes. The increase takes effect July 1, 2022. Use of this rate is optional, though it is widely used by employers as a standard rate for calculating mileage reimbursement for employees who […]

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