IRS Revises 2022 Standard Mileage Rates

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Jul 01, 2022

mileage rates.jpgIRS Notice 2022-124 stated the optional standard mileage rates for business use of a vehicle would increase as of July 1, 2022. Midyear increases in the mileage rates are rare. The last time this occurred was in 2011.

For business use of a car, van, pickup truck, or panel truck, the rate for 2022 is now 62.5 cents per mile, up from 58.5 cents per mile. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.

Driving to obtain medical care, or certain limited moving purposes for members of the armed forces, may be deducted at 22 cents per mile, which is four cents higher.

The rate for service to a charitable organization is unchanged, set by statute at 14 cents per mile (Sec. 170(i)).

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