The Internal Revenue Service has announced an increase in the optional standard mileage rates for the final half of 2022. The rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. As of July 1, 2022, the standard mileage rates for the use of a vehicle are:
- 62.5¢ for every mile of business travel driven (up 4¢ from January);
- 22¢ per mile for medical or moving purposes (up 4 cents from January); and
- 14¢ per mile driven in service of charitable organizations (unchanged).
“Midyear increases in the optional mileage rates are rare,” Nazarene general treasurer Keith Cox said. “The last time the IRS made such an increase was in 2011.”