IRS Raises Mileage Rates as Gas Prices Increase

[question everything]

WASHINGTON—The Internal Revenue Service raised the mileage rate used for calculating business tax deductions for vehicle use, making a rare midyear change in response to increasing gasoline prices.

The new rate for the final six months of 2022 will be 62.5 cents a mile, up from 58.5 cents a mile, which itself was a 2.5 cent increase from 2021.

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The IRS also increased the rate for moving costs and medical expenses to 22 cents a mile from 18 cents a mile. The rate for charitable driving remains at 14 cents a mile because it is set in the law.

https://www.wsj.com/articles/irs-raises-mileage-rates-as-gas-prices-increase-11654805222 (subscription)

[Ferrets are Cool]

1. Thank goodness. I was hoping, but not expecting.

[NJCher]

2. Yay

I get mileage, so this certainly solves a few issues for me with my work.