June 10, 2022 - In recognition of recent gasoline price increases, the IRS has made a special mileage rate adjustment 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.
For more information and further updates, please refer to the IRS Mileage Increase news release.
|
Purpose |
Rates 1/1 through 6/30/22 |
Rates 7/1 through 12/31/22 |
|
Business |
58.5 |
62.5 |
|
Medical/Moving |
18 |
22 |
|
Charitable |
14 |
14 |
Kory Boyer, MBA: July 9, 2024
If you are planning an M&A transaction that is a carve-out situation, you want to ensure a successful transition and business continuity. That is the...
Melissa Doumbia, CPP: June 26, 2024
Effective July 1, significant changes are being made to Minnesota’s independent contractor and employment laws. All employers, as well as their...
Jeff Leseman, CPA: June 25, 2024
Achieving a rapid accounting close isn't just about administrative efficiency; it's a strategic necessity that enhances decision-making, financial...
Redpath and Company