On June 9, 2022, the IRS announced an increase in the optional standard mileage rate for the final six months of 2022 as follows:
62.5 cents for every mile of business travel driven (up four cents from the rate effective at the start of the year);
22 cents per mile for medical care or moving purposes (up four cents from the rate effective at the start of the year); and
The 14-cents-per-mile rate for charitable organizations remains unchanged, as it is set by statute.
Mid-year increases in the optional mileage rates are rare; however, due to the 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 January 1 through June 30, 2022, the rates are set forth in Notice 2022-03.
The last time the IRS made a mid-year increase in the standard rates was in 2011.
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