Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.
For the final six months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up four cents from the rate effective at the start of the year. The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up four cents from the rate effective at the start of 2022. These new rates become effective 7/1/22.
The IRS normally updates the mileage rates once a year in the fall for the next calendar year: “The IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices,” said IRS Commissioner Chuck Rettig. “We are aware a number of unusual factors have come into play involving fuel costs, and we are taking this special step to help taxpayers, businesses, and others who use this rate.”
The 14 cents per mile rate for charitable organizations remains unchanged as it is set by statute.
|
|
Rates 1/1 through 6/30/2022 |
Rates 7/1 through 12/31/2022 |
|
Business |
58.5 |
62.5 |
|
Medical/Moving |
18 |
22 |
| Charitable | 14 |
14 |
Mid-year increases in the optional mileage rates are rare…the last time the IRS made such an increase was in 2011. Please contact us if you have any questions.
