IRS Increases the 2022 Standard Mileage Rate to 62.5¢ per mile
The IRS has announced a change in the standard mileage rate that will take effect on July 1, 2022. The new rate is 62.5¢ per mile for the use of a car, van, pickup, or panel truck. This is up four cents from the first half of 2022.
Additional notes on updated standard mileage rates include the following:
- 22 cents per mile driven for medical and moving purposes, an increase of four cents for the second half of 2022 and
- 14 cents per mile driven in service of charitable organizations remains the same.
These updated amounts modify the original standard mileage rates originally issued for 2022.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than five vehicles used simultaneously.
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