June 30, 2022 12:24 am

Increased IRS Mileage Rate for Second Half of 2022

Due to the spike in the price of gasoline used by vehicles, the IRS increased its standard mileage rate to 62.5 cents per mile for business driving from July 1 through December 31, 2022 (up from 58.5 cents per mile for the first half of 2022) (Ann. 2022-13). The rate for driving for medical and moving by certain military personnel increases to 22 cents per mile for the second half of 2022; this is 4 cents higher than the first half of the year. The rate for driving for charitable purposes remains at 14 cents a mile because this is a statutory rate not fixed by the IRS.

Note: The higher mile rate for business driving is also used by many employers to reimburse employees for using their personal vehicle on company business.

Tax Glossary

Recovery property

Tangible depreciable property placed in service after 1980 and before 1987 and depreciable under ACRS.

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