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irs announced Mileage Rate Increases for the Remainder of 2022

The IRS announced a mid-cycle increase to the standard mileage rate in cents per mile for the final six months of 2022. Typically, businesses are required to reimburse their employees for the use of their own assets, such as their car, for business purposes. Mid-cycle rate increases don’t happen often, however, the recent gas price increases have warranted this change. Effective July 1, 2022, through December 31, 2022, the new rates will be as follows:

Purpose

Rates 1/1 through 6/30/2022

Rates 7/1 through 12/31/2022

Business

58.5

62.5

Medical/Military

18

22

Charitable

14

14

Rates are generally updated each fall for the next calendar year. The standard mileage rate for 2023 will be announced in December. If you have any questions, please contact us.

 

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