Figuring Your Tax Deduction After the IRS Boosts Mileage Rates

With gas prices soaring, the IRS has announced an increase in the optional standard mileage rate for the final six months of 2022.

Beginning July 1, 2022, the standard mileage rate for business travel will be 62.5 cents per mile. The new rate for deductible medical expenses or moving expenses for active-duty members of the military will be 22 cents. The 14 cents per mile rate for charitable organizations did not change—it remains the same as it has since 1998, since it’s set by statute and not subject to periodic review.

If you’re wondering about the difference in the ...