Redpath and Company
GASB 105: What Government Finance Leaders Need to Know About Subsequent Events Reporting
As 2025 drew to a close, the Governmental Accounting Standards Board (GASB) issued Statement No. 105, Subsequent Events. While the requirement to...
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.
Mileage Rate Changes
|
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 |
Trump Accounts: What You Should Know About Access and Tax Treatment
Earlier this year, Congress enacted the One Big Beautiful Bill Act, a comprehensive piece of tax legislation containing numerous individual and...
Planning Opportunities for Qualified Small Businesses and Updated IRC Section 1202 Rules Under the OBBBA
Ashlyn Gray: January 9, 2026
For entrepreneurs, investors, and founders, recent updates to the One Big Beautiful Bill Act (OBBBA) expand one of the most powerful tax-planning...