Effective July 1 through December 31, 2022, the standard mileage rate for the business use of employees’ vehicles will be 62.5 cents per mile – the highest rate the IRS has ever published—up 4 cents from the 58.5 cents per mile rate effective for the first six months of the year.
The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective the start of 2022.
The reason given for these rare mid-year rate changes is that “the IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices” said IRS Commissioner Chuck Rettig.
One exception to note is that the 14 cents per mile rate for charitable organizations remains unchanged as it is set by statute.
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