Daily Update on Taxes From The Business Tax Advisors at Wouch Maloney in Horsham

Mileage Rate Increase for 2nd Half of 2022 Announced by IRS

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

Mileage Rate 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.

DISCLAIMER: The WM Update, WM Wednesday Wisdom, WM Daily Update COVID-19, COVID-19 Business Resources, COVID-19 Client News Alerts and other related communications are intended to provide general information, including information regarding legislative COVID-19 relief measures, as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.