The IRS increased the standard mileage rate for business travel to reflect higher fuel costs. Starting July 1st (and thru the end of the year), taxpayers may use 62.5 cents per mile (instead of 58.5 cents) to calculate deductible costs of operating an automobile for business in lieu of tracking actual costs. Employees may also use this rate for business mileage reimbursement purposes from their employers.

READ THE FULL IRS ANNOUNCEMENT HERE