IRS Increases 2022 Standard Mileage Rate
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.
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