Standard business mileage rates going up July 1

In recognition of recent gasoline price increases, the IRS will raise the standard mileage rate for business use to 62.5 cents, up 4.5 cents from the previous rate established on January 1, 2022.  The new rate goes into effect on July 1, 2022.

The new rate for deductible medical or moving expenses (available for active-duty members of the military) will also increase for the second half of 2022. Effective July 1, 2022, this rate will be 22¢ per mile for the rest of 2022 (a 4¢ increasefrom the rate in effect on January 1, 2022).

The mileage rate for charitable organizations will continue to be 14¢ per mile for the rest of 2022.