IRS BOOSTS STANDARD MILEAGE RATES FOR THE REST OF 2022

The IRS has announced that the standard mileage rates are increasing. Beginning July 1, 2022, the rates are 62.5 cents per mile for business use of an automobile and 22 cents per mile for costs of using an automobile as a medical or moving expense.

The standard mileage rates are an optional method, in lieu of tracking actual expenses, of substantiating the costs of operating an automobile for business, medical or moving purposes. This announcement modifies the original standard mileage rates for 2022.