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IRS increases Mileage Rate to 62.5 cents per mile

by | Jun 28, 2022 | Firm News

IRS Boosts Standard Mileage Rates to  62/5 cents starting July 1, 2022.

The IRS announced that the standard mileage rates are increasing. Beginning July 1, 2022, the rates are 62.5 cents per mile for business use of an automobile and 22 cents per mile for costs of using an automobile as a medical or moving expense.

The standard mileage rates are an optional method, instead of tracking actual expenses and substantiating the actual costs of operating an automobile for business, medical or moving purposes.

This announcement modifies the original standard mileage rates for 2022 for July-December 2022, Please see the IRS Notice