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In response to soaring fuel prices, the IRS has announced a temporary increase in business mileage rates that will take effect on July 1 and carry through the end of the year. The standard mileage rate for business travel will increase to 62.5 cents per mile. This is up 4 cents per mile from the standard rate effective the first half of the year.

To learn more about this increase, please visit the IRS newsroom by clicking the link below.