IRS Increases Mileage Rate for the Remainder of 2022
The Internal Revenue Service announced an increase in the optional standard mileage rates for the final 6 months of 2022.
The new rates beginning July 1 through December 31, 2022, are as follows:
- 62.5 cents per mile for business travel – up 4 cents per mile
- 22 cents per mile for medical – up 4 cents per mile
Read the news release from the IRS explaining the increase. Please reach out to your tax professional if you have any questions.