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2022 IRS Mileage Rate Increase

The IRS has increased the standard mileage rate for the final 6 months of 2022.  For the remainder of 2022, the standard mileage rate for business travel will be 62.5 cents per mile.  This represents an increase of 4 cents from the rate at the start of 2022.  Typically, the mileage rate is updated once per year, but in recognition of recent gas price increases, the special adjustment was implemented.  Per the IRS announcement:

"The IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices," said IRS Commissioner Chuck Rettig. "We are aware a number of unusual factors have come into play involving fuel costs, and we are taking this special step to help taxpayers, businesses and others who use this rate.” 

Additional information is available below:

https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022

 



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