408-478-4100

By: Tamara B. Pow, Esq.

Due to the increase in fuel prices, for the first time in over ten years the Internal Revenue Service has issued a special midyear optional standard mileage rate increase effective for the last six months of 2022 (IR-2022-124, June 9, 2022):

As of July 1, 2022, the mileage rates will be:

  • 5 cents per mile for business miles driven (this is an increase of 4 cents per mile from January 1, 2022)
  • 22 cents per mile for miles drives for medical or moving purposes (increase of 4 cents from January 1, 2022);
  • 14 cents per mile for charitable organizations (this rate is fixed by law).

Alternatively, taxpayers always have the option of calculating the actual costs of using a vehicle rather than using these standard rates.

 

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