Please note the IRS announced it is increasing the mileage reimbursement rate for the final 6 months of 2022. The standard IRS mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. This new higher rate will be effective for travel starting July 1, 2022.
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2022. The IRS normally updates the mileage rates once a year in the fall for the next calendar year. For travel from Jan. 1 – June 30, 2022, taxpayers should use the original rate of 58.5 cents per mile.
“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.”