Ellen Rusco · General · NewsIRS increases mileage rate for remainder of 2022
With rising gas prices, traveling for work is becoming more and more worrisome. Thankfully, the IRS has our backs. If you or your employees travel for work, check out this update from the IRS.
IR-2022-124, June 9, 2022
The Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022. The standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents. The new rate for deductible medical or moving expenses will be 22 cents, up 4 cents. These new rates become effective July 1, 2022.
The optional business standard mileage rate is used to compute deductible automobile operating costs in lieu of tracking actual costs. Taxpayers always have the option of calculating actual vehicle costs. The 14 cents per mile rate for charitable organizations remains unchanged.
Mileage Rate Changes
Source: Internal Revenue Service. “IRS increases mileage rate for remainder of 2022.” June 9, 2022.