Due to rising gasoline prices, the IRS has announced an increase of 4 cents for the standard mileage rate for the last 6 months of 2022. The 2022 mileage rates are:
- 1/1/22-6/30/22 is 58.5 cents a mile
- 7/1/22-12/31/22 is 62.5 cents a mile
The medical and moving mileage expense rate is increased to 22 cents. While charitable mileage remains unchanged at 14 cents a mile.
Update your record keeping now to track your mileage separately, before and after the rate change. It will save you time later when preparing your tax returns at the end of the year. This content is for educational purposes only and is not intended to be construed as tax or investment advice. Please contact us if you would like to discuss your business’ situation in more detail.
Dana R. Borys, an Accountancy Corporation is a boutique tax consulting, compliance, and representation firm working with affluent individuals and owners/officers/founders of start-up/emerging growth companies. Building connections beyond the code.