The IRS has boosted the business mileage reimbursement rate amid soaring gas prices

The Internal Revenue Service has some good news for taxpayers who use the federal mileage rate for business use of a vehicle. With gas prices soaring at the pumps, the IRS has increased the standard business travel reimbursement rate to 62.5 cents per mile, up 4 cents from the rate of 58.5 cents that took effect in January. The new rate goes into effect July 1 and will be effective through at least December 31. The rate applies for use of a car, van, pickup or panel truck. Separately, the new…