IRS Increases Standard Mileage Rate as of 07/01/22

All News, Compliance

The Internal Revenue Service (IRS) announced that the optional standard mileage rate will be increasing to $0.625 per mile as of July 1, 2022, and will be in effect until the end of the year. This special mid-year increase is due to rising fuel prices, which play a major factor in the mileage figure. The optional standard mileage rate for business travel is $0.585 per mile from January 1, 2022, until June 30, 2022.

As of July 1st, the rate for deductible medical or moving expenses (which are available for active-duty members of the military) will also increase to $0.22 per mile, which was previously at $0.18 per mile.

To learn more about the upcoming mileage rate changes, visit:

https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022

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