That surge in prices at the gas pump during 2021 due to supply-chain issues and other worldly events translates into a positive bump for taxpayers in 2022, now that the federal government has set the new mileage rate deduction for business use of a vehicle.
The new rate for business use of a vehicle set by the Internal Revenue Service, effective Jan. 1, is 58.5 cents per mile. That’s up 2.5 cents from the rate of 56 cents in 2021. The rate applies for use of a car, van, pickup or panel truck.
The…
