LAS VEGAS (KLAS) — The Internal Revenue Service announced a four cent increase in the optional standard mileage rate for the last six months of 2022 on Thursday.
For the final six months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, higher than the rate effective at the start of the year.
|Purpose||Rates 1/1 through 6/30/2022||Rates 7/1 through 12/31/2022|
The new rate for deductible medical or moving expenses for active-duty military members will be 22 cents for the rest of the year. The 14 cents per mile rate for charitable organizations has not been changed.
The new rates will become effective July 1. According to the IRS, the adjustment was made in recognition of recent increases in gas prices.
The IRS normally updates the mileage rates, which may be used to calculate the deductible costs of operating a vehicle, once per year in the fall for the next calendar year.
The last time the IRS made an increase in the optional mileage rate was in 2011.