IRS Increases Mileage Rate for Remainder of 2022
Barry Weller
By Barry L Weller, EA
For the first time since 2011 the IRS has made a midyear increase to the optional standard mileage rates due to the rising cost of gasoline and its financial burden. The final six months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, this is up 4 cents from the rate effective at the beginning of the year. In addition, medical or moving expenses (for active-duty members of military) will be increased to 22 cents for the remainder of 2022. The mileage rate for charitable organizations will remain unchanged.
Below is a chart that reflects these changes and the appropriate effective dates as well. +
Barry L Weller, EA is the president of Barry Weller & Associates, Inc. with offices at 19 N Reading Ave, Boyertown, PA 19512 Phone (610) 367-8280 He is an enrolled agent, licensed to represent taxpayers before the IRS.