IRS increases mileage rate for rest of 2022

The IRS announced an increase in the optional standard mileage rate for the final six months of 2022. Taxpayers may use the optional standard 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 rates are:

  • Business travel is 62.5 cents per mile.
  • Medical or moving expenses it is .22 cents per mile.
  • Charitable travel remains at .14 cents per mile.