New Changes to the Standard Mileage Rate for 2022
The Internal Revenue Service announced last week that the standard mileage rates for 2022 will be adjusted starting – July 1st. This is in response to rising gas prices. There are two rates which apply to business and medical mileage for 2022 depending upon when the mileage is incurred. The charitable mileage rate is set by statute and has not changed.
New Standard Mileage Rates for 2022
Business driving – Before June 30, 2022: 58.5 cents per mile; After July 1, 2022: 62.5 cents per mile
Medical driving – Before June 30, 2022: 18 cents per mile; After July 1, 2022: 22 cents per mile
Charitable driving – All Year: 14 cents per mile
The recordkeeping rules have not changed. You still need to have records of where you drove, why you drove there, the date and the number of miles. Businesses in certain industries may have different recordkeeping requirements. The standard mileage rate does not account for parking and tolls. Those costs are claimed in addition to the rate per mile.
If you have any questions about how these rules apply to you, please contact – Ian Valdivia, email@example.com