On June 9, 2022, the IRS announced an increase in the optional standard mileage rate for the second half of the year due to the increase in gasoline prices. Effective July 1, 2022, the standard mileage rate for business travel will be 62.5 cents per mile, an increase of 4 cents.
Below is a chart listing the mileage rates for business and medical/moving expenses showing the rates to use for the first six months and second six months of 2022.
Please note that no change was announced for charitable organizations and remains at 14 cents per mile.
For business owners, you will want to make certain your systems are updated to reflect the new rate.
To read the entire press release from the IRS, please click here.
Mileage Rate Chart 2022
As always, should you have questions about this topic, or any other topics related to your personal or business situation, please contact us at any time.
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