In recognition of recent gasoline price increases, the optional standard mileage rate for the final six months of 2022 has been increased. 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 14 cents per mile rate for charitable organizations remains unchanged as it is set by statute.
IRS Increases Mileage Rate: effective 7/1/22
Tagged with: deductible, deductions, standard mileage rate