The Internal Revenue Service has announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.
Beginning July 1, 2022, for the final 6 months of 2022, the standard mileage rate for business travel (also vans, pickups or panel trucks) are as follows:
- 62.5 cents per mile driven for business use.
- 22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces.
- 14 cents per mile driven in service of charitable organizations. This rate is set by statute and has not changed.
Read the full announcement on the IRS website.
