The Internal Revenue Service has announced increases in standard mileage rates for the final six months of 2022. The increases become effective July 1, 2022. Taxpayers are to use the originally issued rates for 2022 for the period of January 1, 2022, to June 30, 2022. The changes are:
- The standard mileage rate for business travel increases to 62.5 cents per mile, up from 58.5 cents per mile.
- The rate for deductible medical or moving expenses increases to 22 cents per mile, up from 18 cents per mile.
- The rate for charitable miles remains unchanged at 14 cents per mile.
If you have any questions or wish to discuss the information in this update, please email Charles Marston, Danelle Stewart, or Richard Pacella or call 724-934-0344.