In response to rising gasoline prices, the IRS has announced an increase to the optional standard mileage rates for business, medical, and moving purposes effective July 1, 2022. From July 1 to December 31, 2022, the rate for business expenses will increase from 58.5 cents per mile to 62.5 cents per mile. Additionally, the rates for medical and moving expenses will increase from 18 cents per mile to 22 cents per mile. It is important to note that the revised rates are not retroactive and do not apply to mileage incurred on or before June 30, 2022.
|Purpose||Jan. 1 to June 30||July 1 to Dec. 31|
|Business||58.5 cents per mile||62.5 cents per mile|
|Medical/Moving||18 cents per mile||22 cents per mile|