BLOG

IRS Increases 2022 Standard Mileage Rate

by Derek Loucks CPA June 28th, 2022     |     Share   

Due to steep fuel prices at the pump, the IRS has increased the standard mileage rate by $0.04 per mile from $0.585 to $0.625 per mile. The old rate of $0.585 applies to miles driven 1/1/2022 through 6/30/2022. The new rate of $0.625 is effective for miles driven 7/1/2022 through 12/31/2022. The IRS will issue 2023 standard mileage rates in December 2022. 

Those taxpayers who use the standard mileage method to deduct auto expenses must still maintain a mileage log to substantiate the deduction. Employers may reimburse employees at the new rate starting 7/1. 

About the Author

Derek Loucks CPA

See all articles
Share

Leave a Reply

Your email address will not be published. Required fields are marked *

10 + = 11

Latest Articles

2022 HSA Contribution Limits

Health Savings Accounts (HSAs) are a great way to pay for medical expenses with pre-tax dollars.  To qualify for a HSA, you must be enrolled in a HSA qualified health insurance plan. Check with your ...


Gain on Sale of Personal Residence

The real estate market has been white hot since 2020. Chances are if you sold your personal residence in the last few years you sold it for much more than you originally paid. So, is that gain taxable...