Increased Standard Mileage Rates

car dashboard and mileage

The IRS recently announced an increase in the standard mileage rates for taxpayers who use this
method to deduct their business mileage

For the time period of January 1, 2022 through June 30, 2022, the standard business mileage rate is 58.5 cents per mile, and will be 62.5 cents per mile for July 1, 2022 through December 31, 2022.

Medical mileage has also been increased, going from 18 cents per mile to 22 cents per mile as of July 1, 2022. This rate also applies to active-duty military for their moving expenses.

To make sure you are getting the most benefit from the business miles you are driving, we recommend that you use a log, either on paper or electronically, to track your mileage on a daily basis. By doing it daily, it will be easy to determine the correct mileage to use for the two time periods with different rates in 2022.

Please contact your tax advisor if you have any questions.

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