The IRS has noticed that gas prices continue to rise and has increased standard mileage rates effective July 1, 2022. It is rare that IRS makes a mid-year adjustment in mileage rates and given current conditions the increase is certainly warranted.
The standard business mileage rate will increase to 62.5 cents per mile (up 4 cents). The new rate for deductible medical or moving mileage is also up 4 cents to 22 cents per mile. However, the charitable mileage rate is set by statute and remains at 14 cents per mile.
If you have any questions concerning standard mileage rates, please contact your Maillie representative.
