IRS announces increase to mileage rates for 2022
The IRS announces a rare mid-year adjustment to the 2022 mileage rate! From July to December of 2022, the mileage rate will be 62.5 cents per mile, a 4-cent increase from the rate currently in effect for January to June of this year, which is 58.5 cents per mile. Both politicians and businesses had been urging the IRS to increase the rate, as gas prices continue to rise.
The medical and moving expense rate also increases by 4 cents, from 18 to 22 cents per mile for the second half of the year.
For full details, please see IRS announcement 2022-13: https://www.irs.gov/pub/irs-drop/a-22-13.pdf.