IRS Announcement: Standard Mileage Rates Increased for Second Half of 2022 (IRC §162)

Optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated being revised, the IRS announced June 9. The revised business rate is 62.5 cents per mile; the revised medical and moving rate is 22 cents per mile, the IRS stated. Applicable to deductible transportation expenses paid or incurred for business, medical, or moving expense purposes on or after July 1, 2022, and to mileage allowances that are paid both (1) to an employee on or after July ...