The Internal Revenue Service announced on 06/09/22 an increase in the optional standard mileage rate for the final 6 months of 2022. 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 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 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 4 cents from the rate effective at the start of 2022. These new rates become effective July 1, 2022.
| Purpose | 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 |
