The Internal Revenue Service announced an increase in the optional standard mileage rate that will take effect July 1, 2022.
The IRS made this special adjustment for the final months of 2022 due to recent gasoline price increases.
For the final six months of this year, 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.
The 14 cents per mile rate for charitable organizations remains unchanged as it is set by statute.
