IRS Notice: Standard Mileage Rates for 2022 (IRC §162)

Standard mileage rates for 2022 released December 17. The rate for computing the deductible costs of automobiles operated for a business expense purpose under tax code Section 162 is 58.5 cents up 2.5 cents per mile. Because the 2017 TCJA, Pub. L. No. 115-97, suspended the deduction for miscellaneous itemized deductions for 2018 through 2025, the business standard mileage rate cannot be used to claim an itemized deduction for unreimbursed employee travel expenses (except for the few deductions allowed in computing adjusted gross income), the IRS stated. The rate for computing the deductible costs for moving expense ...