In recognition of recent fuel price increases, depreciation, insurance, and other costs, the IRS recently announced a special adjustment to the standard mileage rate for the remainder of 2022.
The optional standard mileage rate, used to calculate the deductible costs of automobile operation for business or other purposes, is now 62.5 cents per mile for business travel, up 4 cents from the beginning of the year.
The new rate only applies to travel from July 1 through December 31, 2022. Taxpayers should use the previous 58.5 cents per mile for all business travel from January 1 through June 30, 2022.
The rate for deductible medical or moving expenses (for active-duty military members) also increased from 18 to 22 cents for the remainder of the year. The rate for charitable organizations remained 14 cents per mile.
For more information about the increased rates, visit https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022.
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