IRS Increases Standard Mileage Rate for Remainder of 2022

IRS Increases Standard Mileage Rate for Remainder of 2022

Effective July 1, 2022, the standard mileage rate for business use of an automobile will increase to 62.5 cents. This is an increase of 4 cents per mile from the last rate of 58.5 cents per mile. The standard mileage rate is guidelines for taxpayers who deduct the expense of driving and operating a vehicle for business purposes.

The rate for deductible medical or moving expenses (which is available only for active-duty members of the military) is also increasing by 4 cents per mile and will be 22 cents per mile for the second half of 2022.  The charitable mileage deduction will remain at 14 cents per mile for all of 2022.

This change reflects the recent increases in the cost of gasoline. The last time the IRS made a midyear adjustment to the mileage rate was in 2011.

Beginning July 1st, 2022, taxpayers may use the new rate as one of the ways to calculate the deduction for the business use of their automobile.

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If you have questions regarding how this increase may affect you or your business, please contact our accountants at The Innovative CPA Group at 203-489-0612. Or contact us via our contact form.

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