IRS Increases Mileage Rate for Remainder of 2022
On June 9, 2022, the Internal Revenue Service (IRS), published Announcement 2022-13, which amends optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated.
The announcement can be viewed by clicking here.
The revised standard mileage rates set forth in this announcement apply to deductible transportation expenses paid or incurred for business, medical, or moving expense purposes on or after July 1, 2022.
The revised standard mileage rates are:
- Business: 62.5 cents per mile
- Medical and Moving: 22 cents per mile