The Internal Revenue Service will raise the optional standard mileage rate for the final six months of 2022 to help offset the rise in gas prices nationwide.

The new rates to calculate the deductible costs of operating an automobile for business and certain other purposes become effective July 1, 2022, and will remain in place through January 1, 2023. Those revised rates are:

  • Business: 62.5 cents per mile, up from 58.5 cents
  • Medical/Moving: 22 cents per mile, up from 18 cents

Taxpayers should use the following rates for any miles traveled between January 1, 2022, and June 30, 2022:

  • Business: 58.5 cents per mile
  • Medical/Moving: 18 cents per mile

The 14 cents per mile rate for charitable organizations remains unchanged as it is set by statute. READ MORE HERE