IRS Increases Mileage Rate for Remainder of 2022
The Internal Revenue Service has announced an increase in the optional standard mileage rate for the final six months of 2022.
In recognition of recent gasoline price increases, the new standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The 14 cents per mile rate for charitable organizations remains unchanged as it is set by statute. These new rates become effective July 1, 2022. The IRS provided legal guidance on the new rates in Announcement 2022-13, issued June 9, 2022.
For travel from January 1 through June 30, 2022, taxpayers should use the rates set forth in Notice 2022-03.
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