2022 Mileage Update - it's a big one!

The IRS has recently increased mileage rates beginning July 1, 2022. Those of you who are tracking miles will need to do a January through June total and then a July through December total. This is, by far, the larges increase I have ever seen - and I’ve been doing taxes for 35 years!

The rates for travel from January 1-June 30, 2022 are:

- Business rate is 58.5 cents per mile (up from 56 for 2021).  The depreciation portion of this rate is 26 cents per mile (same as for 2021).

- Charitable rate is 14 cents per mile (same as for 2021).

- Medical and moving rate is 18 cents per mile (up from 16 for 2021).

The rates for travel on or after July 1, 2022 are::

- Business rate is 62.5 cents per mile.  The depreciation portion of this rate is still 26 cents per mile.

- Charitable rate is 14 cents per mile.

- Medical and moving rate is 22 cents per mile.

Announcement 2022-13 (modifying Notice 2022-03)