Responding to climbing gas prices, the Internal Revenue Service announced Friday a midyear change to the mileage rate used for business-expense deductions, the Wall Street Journal reported.
For business miles tallied from Sept. 1 through Dec. 31 the standard mileage-rate deduction will 48.5 cents per mile.
That rate, representing the largest one-time change to the mileage deduction, is an eight-cent spike from the 40.5 cents a mile it had been through August, according to the report.
The deduction is open for companies with four or fewer vehicles. However, for larger companies, the IRS mileage deduction is commonly the standard for setting driver reimbursement rates.