The Internal Revenue Service has announced the 2022 optional standard mileage rates for calculating deductible costs associated with using an automobile for business or medical or moving purposes has increased for the final six months of 2022.
From July 1 through Dec. 31, the standard mileage rate for the use of a car, van, pickup or panel truck is increasing from 58.5 cents per mile to 62.5 cents per mile for business miles driven. The standard mileage rate is increasing from 18 cents per mile driven for medical or moving purposes to 22 cents per mile.
The IRS made this special adjustment in recognition of recent gasoline price increases. The IRS typically updates the mileage rates once a year in the fall for the next calendar year.
