IRS Increases Mileage Rate to 62.5 Cents Effective 7/1/22
In recognition of recent gasoline price increases, the optional standard mileage rate for the final six months of 2022 has been increased from 58.5 cents to 62.5 cents. 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 six months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up four cents from the rate effective at the start of the year. The mileage rate for deductible medical or moving expenses (available for active-duty members of the military) is also increased from 18 cents to 22 cents for the remainder of 2022. These new rates become effective 7/1/22. The 14 cents per mile rate for mileage incurred for charitable purposes remains unchanged at 14 cents per mile because it is set by statute. IRS News Release IR 2022-124 .